The Chancellor’s budget - reaction from Banbridge business owners

Last week, Jeremy Hunt announced £100m in funding for Northern Ireland, which includes a £2m lump sum for Stormont, to be spent on global investment and trade opportunities.

He also introduced a cut on National Insurance, reducing it from 10% to 8%.

The initiative is designed to encourage more people into the workforce, filling 200,000 vacancies in the UK economy.

But for local business owners, they have been left asking questions, with many still in recovery mode following the Covid-19 pandemic and cost of living crisis.

Proprietor of Banbridge salon Thomas Neil Hair, Neil McBurney, is getting set to relocate to new premises.

He is concerned about increasing overhead costs. Speaking to UTV Live, he said: “We have no other option than to put prices up.

"Thankfully, we have loyal customers who understand the pressures on local business owners.”

While the drop in National Insurance may make it easier for Neil to employ new staff, he is finding it difficult to brush over the fact businesses similar to his are on the brink of closure.

“At the minute, a lot of salons are shutting up shop,” he said.

"By the time you cover the cost of bills, there is very little cash left over.”Meanwhile, Joe Quail, owner of Quails Fine Foods, on Newry Street, was hoping to see a reduction in VAT.

He told UTV Live: “Our VAT here in the restaurant is 20%, but if you go across the border to Dundalk, it’s only 9%.

"It isn't a level playing field, and that’s what businesses are so desperately asking for.“All we can do is keep looking after our customers. We have been in business for 125 years, let’s hope the next 125 are just as good!”

NI Secretary Chris Heaton-Harris said the Budget underlines the Government's commitment to Northern Ireland."I am delighted this funding will enhance Northern Ireland's opportunities to showcase its innovation and technological strengths, taking advantage of the Windsor Framework."