Uncertainty over Rachel Reeves’s Budget has caused companies to delay takeover plans - Toby Melville/Reuters Britain was the only European country to record a decline in dealmaking this year, as higher taxes under Labour hammered business confidence. The value of mergers and acquisitions (M&A) activity fell by 8pc to $217.2bn (£162.3) in 2025, according to a Mergermarket report, down from$237.3bn in 2024. By contrast, dealmaking volumes rose by 18pc in France and 23pc in Italy, according to a study of ...