Budget: Businesses fear Chancellor’s plans will compound problems

Reeves told the BBC he hoped the budget, which includes big tax increases, would be a one-off.

“This is not the kind of Budget we want to repeat,” he told the BBC’s political editor Chris Mason.

“But this is the Budget needed to clean up the situation and get our public finances on a sound path.”

John Lavery, owner of Fish City in Belfast city centre, said he was concerned about the pressures the Budget would place on his business and the measures he would need to take to manage costs.

“This was a budget disaster for small businesses, particularly hospitality,” Mr Lavery told BBC News NI.

He said he had to find an extra £35,000 to meet the budget’s requirements.

“We’re stuck wherever we can, I don’t know where we’re going to find the additional money,” Mr Lavery said.

He added that he would have to look at other ways to save money, such as increasing prices or laying off staff, and would be “very reluctant” to do so.

“I have to look at our work with great reluctance and perhaps have to make some harsh and difficult decisions, which do not give me any joy,” he said.

“It’s very hard to see where more savings could be made.”

The Chancellor’s announcement also included a £1.5bn funding package for Stormont.

Next year’s funding includes £1.2bn for day-to-day spending and £270m for infrastructure investment.