�*is it �* is it will have a very real hear is it will have a very real world consequences, not least in places like pudsey. mex. world consequences, not least in places like pudsey.— places like pudsey. alex song, thanks very — places like pudsey. alex song, thanks very much. _ places like pudsey. alex song, thanks very much. we - places like pudsey. alex song, thanks very much. we are - places like pudsey. alex song, i thanks very much. we are talking places like pudsey. alex song, - thanks very much. we are talking to nick early earlier, and he was holding up the document trying to go through some of the small print. the headlines we know about, the small print can often contain things that in the end turn out to be very significant. let's continue with more reaction and head to gloucester to our correspondent dave harvey. who do have you there. 7 this building has been hurt in 1530, they've seen quite a few budgets, and you can read the sign, one of the best in the country. we come here because i watch the budget with the guy who runs it with other small businesses, like those people in leeds, the national insurance changes are causing people a lot of concern. let's meet the owner, you told me you have a big increase

another course, fish, oil. we have not another course, fish, oil. we have got national _ another course, fish, oil. we have got national and _ another course, fish, oil. we have got national and insurance - got national and insurance increasing, and we have the increase of minimum — increasing, and we have the increase of minimum wages, which is great. what _ of minimum wages, which is great. what i'm _ of minimum wages, which is great. what i'm missing in here as support for small— what i'm missing in here as support for small businesses. where is it coming _ for small businesses. where is it coming from? we deal with the price increases _ coming from? we deal with the price increases daily and weekly, we cannot— increases daily and weekly, we cannot handle that properly. we do not know _ cannot handle that properly. we do not know how we can deal with this in the _ not know how we can deal with this in the long — not know how we can deal with this in the long term.— in the long term. could you put the rice of in the long term. could you put the price of fish — in the long term. could you put the price of fish and _ in the long term. could you put the price of fish and chips _ in the long term. could you put the price of fish and chips up? - in the long term. could you put the price of fish and chips up? we - in the long term. could you put thei price of fish and chips up? we have been doing — price of fish and chips up? we have been doing that _ price of fish and chips up? we have been doing that for _ price of fish and chips up? we have been doing that for the _ price of fish and chips up? we have been doing that for the past - price of fish and chips up? we have been doing that for the past 18 - been doing that for the past 18 months. — been doing that for the past 18 months. i_ been doing that for the past 18 months, i would say, five, been doing that for the past 18 months, iwould say, five, six been doing that for the past 18 months, i would say, five, six years ago. _ months, i would say, five, six years ago. we _ months, i would say, five, six years ago. we put — months, i would say, five, six years ago, we put the price up every 12 months — ago, we put the price up every 12 months. now, we'd be doing it every four months. — months. now, we'd be doing it every four months, because you cannot observe _ four months, because you cannot observe that increase sales. we need to pass _ observe that increase sales. we need to pass it— observe that increase sales. we need to pass it on — observe that increase sales. we need to pass it on. we cannot do that all the time, _ to pass it on. we cannot do that all the time, it— to pass it on. we cannot do that all the time, it is not fair to the

customen _ the time, it is not fair to the customer. it the time, it is not fair to the customer-— the time, it is not fair to the customer. ., ., ., ., ., , ., customer. it looks good on here, you have fish, customer. it looks good on here, you have fish. chips. _ customer. it looks good on here, you have fish, chips, butter, _ customer. it looks good on here, you have fish, chips, butter, sausage, . have fish, chips, butter, sausage, but fish and chips is no longer a cheap treat any more. it’s but fish and chips is no longer a cheap treat any more.— but fish and chips is no longer a cheap treat any more. it's not any more, cheap treat any more. it's not any more. the — cheap treat any more. it's not any more, the course _ cheap treat any more. it's not any more, the course of _ cheap treat any more. it's not any more, the course of our _ cheap treat any more. it's not any more, the course of our fish, - more, the course of our fish, potatoes, _ more, the course of our fish, potatoes, we've been buying a bag of potatoes— potatoes, we've been buying a bag of potatoes of— potatoes, we've been buying a bag of potatoes of the increased price of over 300% for the space of two years. — over 300% for the space of two years. we — over 300% for the space of two years, we do not know how to do we are on— years, we do not know how to do we are on the _ years, we do not know how to do we are on the front line of getting the complaints from consumers. people do not complain at major supermarkets are in— not complain at major supermarkets are in the _ not complain at major supermarkets are in the bar in the pub. such a manner— are in the bar in the pub. such a manner it— are in the bar in the pub. such a manner if my fish and chips go up, i'll manner if my fish and chips go up, i'ii have _ manner if my fish and chips go up, i'ii have a — manner if my fish and chips go up, i'ii have a go — manner if my fish and chips go up, i'll have a go at you. we are fed up explaining — i'll have a go at you. we are fed up explaining to customers, they have the right— explaining to customers, they have the right to know what is going on. next _ the right to know what is going on. next week— the right to know what is going on. next week you will have to explain the budget to them.— next week you will have to explain the budget to them. probably, but we can't do that — the budget to them. probably, but we can't do that every _ the budget to them. probably, but we can't do that every day. _ the budget to them. probably, but we can't do that every day. we _ the budget to them. probably, but we can't do that every day. we have - the budget to them. probably, but we can't do that every day. we have a - can't do that every day. we have a limit _ can't do that every day. we have a limit of _ can't do that every day. we have a limit of passing this on to customers. they are tired of hearing that every— customers. they are tired of hearing that every week as well. | customers. they are tired of hearing that every week as well.—

that every week as well. i hear the chancellor — that every week as well. i hear the chancellor in _ that every week as well. i hear the chancellor in my _ that every week as well. i hear the chancellor in my ear _ that every week as well. i hear the chancellor in my ear saying - that every week as well. i hear the chancellor in my ear saying it - that every week as well. i hear the chancellor in my ear saying it is i chancellor in my ear saying it is difficult times and we have to find the money, maybe this is only the one bit of pain you have to take. do we have to shoulder this? that one bit of pain you have to take. do we have to shoulder this?— we have to shoulder this? that is what we are _ we have to shoulder this? that is what we are hoping, _ we have to shoulder this? that is what we are hoping, hopefully i we have to shoulder this? that is i what we are hoping, hopefully there will he _ what we are hoping, hopefully there will be change. what we need is urgent _ will be change. what we need is urgent delivery from government. we have listened to all these promises being _ have listened to all these promises being made, we're really happy with that, but— being made, we're really happy with that, but when it comes to reality and detiver— that, but when it comes to reality and deliver them, that is what we need _ and deliver them, that is what we need to— and deliver them, that is what we need to wait and see what will happen— need to wait and see what will happen the future. such a mac thank you very— happen the future. such a mac thank you very much indeed. we managed all the way— you very much indeed. we managed all the way through that without someone coming _ the way through that without someone coming in _ the way through that without someone coming in for fish and chips. it coming in for fish and chips. happens coming in for fish and chips. it happens every five minutes, so i'll go back to you in the studio. thank ou ve go back to you in the studio. thank you very much- _ go back to you in the studio. thank you very much. let's _ go back to you in the studio. thank you very much. let's continue - go back to you in the studio. thank you very much. let's continue with | you very much. let's continue with the reaction. joining me now is rain newton smith, director general, cbi and kate nicholls, ceo, uk hospitality

what are your headline thoughts? tough choices to deliver stability to our economy and public finances. she did the right thing and creating more space within fiscal rules to invest in our long—term infrastructure that we need to deliver net zero transition. but this is a tough budget for business. and the business leaders i speak to really want to invest, but this budget is taking the slow road to growth, because that rise in national insurance contributions will be shouldered by businesses. and it comes out of before they've even made a profit. and it means they have less headroom to invest. less space for pay rises for their employees, and it's a cost on hiring. a truly challenging for business to be able to deliver the investment we know our economy needs. i5 investment we know our economy needs. , ., ., ., ., , ., needs. is that how the ma'ority of our needs. is that how the ma'ority of your neighbourfi needs. is that how the ma'ority of your neighbour see h needs. is that how the ma'ority of your neighbour see it _ needs. is that how the ma'ority of your neighbour see it as h needs. is that how the majority of your neighbour see it as well? - needs. is that how the majority of. your neighbour see it as well? there are no easy — your neighbour see it as well? there are no easy choices. _ your neighbour see it as well? there are no easy choices. you _ your neighbour see it as well? there are no easy choices. you will - your neighbour see it as well? there are no easy choices. you will not - your neighbour see it as well? there are no easy choices. you will not be able to— are no easy choices. you will not be able to take — are no easy choices. you will not be able to take £40 billion out of the

economy— able to take £40 billion out of the economy without it being painful. the pain— economy without it being painful. the pain will be predominantly felt try the pain will be predominantly felt by the _ the pain will be predominantly felt by the hospitality businesses that i represent — by the hospitality businesses that i represent and the high street. they are going _ represent and the high street. they are going to bear a disproportionate burden— are going to bear a disproportionate burden as _ are going to bear a disproportionate burden as a — are going to bear a disproportionate burden as a result of the changes. gave _ burden as a result of the changes. gave me _ burden as a result of the changes. gave me an— burden as a result of the changes. gave me an idea of the pain. national insurance contributions and cutting _ national insurance contributions and cutting the _ national insurance contributions and cutting the threshold, that hits hard _ cutting the threshold, that hits hard if— cutting the threshold, that hits hard if you employ large numbers of part-time _ hard if you employ large numbers of part—time workers on lower pay which is what _ part—time workers on lower pay which is what hospitality and retail doubts _ is what hospitality and retail doubts. you have got a reduction in business _ doubts. you have got a reduction in business rates relief, bills will go up business rates relief, bills will go up there — business rates relief, bills will go up there and national living wage for hospitality, £4 billion, you cannot— for hospitality, £4 billion, you cannot pay your way out and to balance _ cannot pay your way out and to balance the books on the backs of the hospitality sector and high streets — the hospitality sector and high streets without seeing some pain and terms _ streets without seeing some pain and terms of— streets without seeing some pain and terms of investment, jobs, growth and opportunities. you terms of investment, “obs, growth and opportunities.— terms of investment, “obs, growth and opportunities. you have got the minimum wage _ and opportunities. you have got the minimum wage going _ and opportunities. you have got the minimum wage going up, _ and opportunities. you have got the minimum wage going up, new- minimum wage going up, new employment rights as well, you talked about it discount, it is worth explaining that, at the moment, it is 75% discount, that is going down to 40%. how much pain is that?

going down to 4096. how much pain is that? ., ., ., , , that? for the average pub, their bills will go _ that? for the average pub, their bills will go op — that? for the average pub, their bills will go up by _ that? for the average pub, their bills will go up by £6,000, - that? for the average pub, their bills will go up by £6,000, a - bills will go up by £6,000, a restaurant, £12,000, and a guess eyes — restaurant, £12,000, and a guess eyes are _ restaurant, £12,000, and a guess eyes are b _ restaurant, £12,000, and a guess eyes are b and b will see a £20,000 additional— eyes are b and b will see a £20,000 additional bill going through their business — additional bill going through their business at the same type as national— business at the same type as national living wage, going out by on average six to 7% for higher age workers. _ on average six to 7% for higher age workers, and 16% for 18 to 21 euros. a significant — workers, and 16% for 18 to 21 euros. a significant increase in cost and at the _ a significant increase in cost and at the same time, nothing in this budget— at the same time, nothing in this budget that will see consumers having — budget that will see consumers having the confidence to go out and spend _ having the confidence to go out and spend and _ having the confidence to go out and spend and that is what we need if we're _ spend and that is what we need if we're going to drive economy forward _ we're going to drive economy forward. , , , . ., forward. this is difficult for businesses _ forward. this is difficult for businesses in _ forward. this is difficult for businesses in her - forward. this is difficult for businesses in her sector, l forward. this is difficult for - businesses in her sector, business leaders i have been speaking to as well, they are saying this is making it harder for them to do some of the investment in digital infrastructure that we know our economy needs. whether you work and social care as well, this will increase some of their employment bill and millions

in some cases. this will really hit a broad range of businesses. it is so important that we double down on the investment that our economy needs to see. the the investment that our economy needs to see-— the investment that our economy needs to see. the fiscal rules have chanced, needs to see. the fiscal rules have changed. it — needs to see. the fiscal rules have changed. it is _ needs to see. the fiscal rules have changed, it is giving _ needs to see. the fiscal rules have changed, it is giving rachel- needs to see. the fiscal rules have| changed, it is giving rachel reeves more headroom. what is the speed that can kick in? she referenced a number of projects, how quick can that infrastructure were going? it can start tomorrow, but we know what has been holding things back has been getting planning permission. there have been some good measures in terms of prioritising more resources to get some of that planning approved. but we need to make sure that we prioritise some of those big decisions. i think there have been some good decisions today around investing in our nuclear energy, in a green translation, and green hydrogen, thinking about how our homes are heated, but fundamentally, businesses, if you

look at the focus of the 0br, you will see that business investment in the next few years is expected not to grow as fast as previously. that is suggesting we are not seeing enough measures to unlock the business investment which, as the chancellor herself said, is invest, invest, invest, that will deliver the growth mission. there is more work needs to be done now to help businesses drive that investment. aha, businesses drive that investment. a final thought, businesses drive that investment. a finalthought, uk businesses drive that investment. a final thought, uk hospitality sector employs 3.5 million people, well the umbrella change is a vector course, that will not put off people hiring and work against what we were talking about, the whole need to invest and grow? ? if you get is stimulus into hospitality, it translates to the next day. if you get course, it gets through to the next day. get course, it gets through to the next da . ~:: , get course, it gets through to the next da . 4p ., get course, it gets through to the next da . ~::f ., ., get course, it gets through to the nextda. ~::f ., ., ,, ,,, get course, it gets through to the nextda. ~::f ., ., ,, ,, , ., next day. 6096 of our businesses have said they will — next day. 6096 of our businesses have said they will put _ next day. 6096 of our businesses have said they will put up _ next day. 6096 of our businesses have said they will put up prices, _ next day. 6096 of our businesses have said they will put up prices, it - said they will put up prices, it will be — said they will put up prices, it will be inflationary, 80% i cutting hours _ will be inflationary, 80% i cutting hours for — will be inflationary, 80% i cutting hours for staff and headcount in total— hours for staff and headcount in total to — hours for staff and headcount in total to take account of this, and

90%_ total to take account of this, and 90% are — total to take account of this, and 90% are saying it is hitting the bottom — 90% are saying it is hitting the bottom line and they're not