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| Chip shop owner says Budget will cost her £70,000 | Chip shop owner says Budget will cost her £70,000 |
| (1 day later) | |
| Lorraine Arnold, owner of Pier Point Fish and Chips in Torquay, said she may have to change her business model in response to changes announced in the Budget | |
| A fish and chips restaurant owner says she faces a £70,000 annual bill following a series of policies announced in the Budget. | |
| Lorraine Arnold, owner of Pier Point Fish and Chips in Torquay, said the decision to increase National Insurance (NI) contributions made by employers would add more than £700 per employee alone. | |
| Ms Arnold, who employs 34 people during the winter and up to 60 in the summer, said the change, due to start next year, would be "devastating" for her business. | Ms Arnold, who employs 34 people during the winter and up to 60 in the summer, said the change, due to start next year, would be "devastating" for her business. |
| Chancellor Rachel Reeves said the rise in employers' National Insurance contributions was "difficult", but the right choice in order to fund public services. | Chancellor Rachel Reeves said the rise in employers' National Insurance contributions was "difficult", but the right choice in order to fund public services. |
| Reeves unveils historic £40bn tax rises in first Budget | Reeves unveils historic £40bn tax rises in first Budget |
| How the Budget will affect you and your money | How the Budget will affect you and your money |
| 'National Insurance rise will make life harder' | 'National Insurance rise will make life harder' |
| Minimum wage to rise to £12.21 an hour next year | Minimum wage to rise to £12.21 an hour next year |
| The chancellor has increased the National Insurance rate paid by employers while also reducing the threshold at which they start paying it. | The chancellor has increased the National Insurance rate paid by employers while also reducing the threshold at which they start paying it. |
| It means more than half of the tax rises in the Budget will be paid for by employers, with the jump in the amount they pay in NI on workers' wages to generate £25bn a year. | |
| Ms Arnold said the increase in NI contributions, the reduction in the NI threshold from £9,100 to £5,000, the hike in the minimum wage and the fall in business rates relief would be costly for her business. | |
| "She's left me with having to find £70,000," said Ms Arnold. "[The Budget] punishes hard-working entrepreneurs. | |
| "What is in my pocket is getting less and less and less." | "What is in my pocket is getting less and less and less." |
| She said the financial strain might force her to change her business model, potentially reducing staff. | She said the financial strain might force her to change her business model, potentially reducing staff. |
| "We won’t be able to hire local young people for summer jobs anymore. We’ll have to stick with a smaller core team year-round," she said. | "We won’t be able to hire local young people for summer jobs anymore. We’ll have to stick with a smaller core team year-round," she said. |
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