Budget reaction from Peterborough Stamford and Rutland

Businesses across Peterborough Stamford and Rutland have told us measures like cutting jobs may have to be considered following yesterday's budget.

The chancellor announced an increase in the minimum wage whilst also raising employer contributions for national insurance

Rachel Reeves says tough measure are necessary because of the state of the public finances.

We've speaking to local businesses to get their reaction.

Ben is the owner of the Olive Branch pub in Clipsham - Rutland.

"I don't think the budget has helped the hospitality sector at all."

Overall I think it's going to have a detrimental affect on hospitality

"We're reliant on a labour force - the increase in the minimum wage is going to increase our wage costs and the employers national insurance contribution is going to increase our wage costs."

"So overall I think it's going to have a detrimental affect on hospitality and we'll have to look at the ways we can adjust going forwards"

"The 40 per cent business rates relief for the retail and hospitality sector is going to be helpful - better than I thought - but having said that we currently getting 75 per cent relief so next year our rates bill is still going to double."

We spoke to business owners in Stamford.

One told us: "If we're paying less taxes then it means there's money for improvements in the company"

It's good for young people to get money for what they do

Another said: "We're struggling making any profit because the margins are so tight with what's been done today it makes it pretty much impossible to make money or profit."

And we asked people also in Stamford about the rise in the minimum wage.

One said: "It's good for young people to get money for what they do because it's a struggle now that they're younger compared to years ago."

Another commented: "It will put a lot of pressure on small businesses and will put them off taking on new people."

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