Stall owners at Halifax Borough Market react to Budget

Chancellor Rachel Reeves says the Budget she set out today will hike taxes by £40 billion but promised to “fix the foundations” of the economy and repair the public finances.

In the first Labour budget since 2010 – and the first ever delivered by a woman – Ms Reeves promised to “invest, invest, invest”.

But the MP for Leeds West and Pudsey said the “black hole” left by the Conservatives required tens of billions of additional taxes.

Here are the main announcements from today's Budget:

• Fuel duty frozen
• Duty on draft alcohol is cut, but other alcohol tax will rise by RPI
• No increase in National Insurance rates for workers
• VAT, and income tax rates frozen
• Employer's National Insurance contributions raised
• National minimum wage increases to £12.21
• Nearly £14 billion put aside for compensating victims of the post office scandal and the infected blood scandal
• Inheritance tax thresholds frozen
• Capital gains tax increasing
• Budget for schools goes up by £2.3bn, with an extra £1bn for SEND
• Air passenger duty going up by 50% for private jets
• VAT introduced on public school fees
• Tobacco duty raised
• £22.6bn for the NHS's day-to-day budget

Chancellor Rachel Reeves told the Commons “this Budget raises taxes by £40 billion”.

“Any chancellor standing here today would face this reality, and any responsible chancellor would take action. That is why today, I am restoring stability to our public finances and rebuilding our public services.”

Here's how local stall owners at Halifax Borough Market reacted:

Robert- owner of Mr Dee's café- claims a rise in the national minimum wage has put his stall into question.

He said: "It's terrible. Over the past three years it's gone up £2.80, and it's cutting my profits dramatically."

"National insurance contributions is going up also, it's just going to make a massive difference.

"Don't get me wrong, it has been busy today and everything's going well at the moment, but that added pressure, putting it onto the employer, it affects everybody in the market.

"I'm considering what to do next to be perfectly honest with you."

Meanwhile, just down the way inside the market, Steven Durkin from Durkin's butchers is slightly more optimistic.

In response to increasing Employment Allowance to help smaller businesses, he said it's " a step in the right direction."

The allowance will increase from £5,000 to £10,500, which means almost one million employers won't have to pay National Insurance next year.

Steve said: "That's better for us really, one step in the right direction.

"If they're taking winter fuel payments off pensioners, they'll have less to spend at our shop- they're one of our most regular type of customers.

"There's going to be a knock-on effect, isn't there."

But he's not as positive for the future of small businesses in the market.

"It'll be better for us if they look after small businesses, it'll keep us here.

"It's a struggle at the moment in the town centre- they've dug it all up, so you can't get into Halifax really.

"We're definitely struggling, we're just about surviving as is at the moment."

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