2024 Budget: We hear from people across Peterborough Stamford and Rutland

Rachel Reeves will deliver the budget later today

Money
Author: Andy MarshPublished 30th Oct 2024

We're told the Chancellor will promise to 'invest, invest, invest' - when she delivers the first Labour Budget in 15 years, this lunchtime.

Some of what she'll say is already known, like cash for the NHS and a minimum wage increase - with speculation too of a hike in employer contributions to national insurance.

Rachel Reeves has warned there'll be tough measures saying that's because of the state of the public finances.

Business owners in Oakham tell us what they think of a potential increase in national insurance for employers which it's thought may happen.

We pay more and we get worse

They told us: "To be honest if it goes up too much then staff cuts have got to be made haven't they?"

"That's because you have haven't got too much money to pay for staff in a small business."

"My frustration is we don't seem to be seeing these improvements."

"We pay more and we get worse - that's my main frustration."

"If we can't afford to pay it that makes it difficult and takes the profitability out of the business."

We asked the same thing to business owners in Peterborough.

"I think with every small business currently the running costs are so high and the profit margins are fairly low."

"Small businesses may have to pass on the increase in pricing just to cover the extra costs."

It's particular small businesses that it will hit

"The more costs we have to outlay in employing people then obviously that has to be taken into account."

"Then it's going to stop us taking people on as well."

Liz Leaper, owner of Pollen floristry in Oakham, says a national insurance rates increase for employers would be awful for small businesses.

"It's actual terrible - it's particular small businesses that it will hit - we're at capacity they've raised the national minimum wage recently."

"That directly comes out of my wages - that's how I see it."

"Another knock to small businesses."

Co owner of The Sanctuary in Peterborough, Vickie Gilbert, tells us what she would like from the budget.

"I think as a business owner I would welcome anything that actually reduces our costs and would allow us to have a little bit of movement in the business so to speak."

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