Mixed reaction from businesses and residents in Grimsby after Chancellor's budget
There's been a mixed reaction from business owners and locals living in Grimsby following the Chancellor's budget.
Daniel Rhodes, who runs Coffee on the Park in the town, says the increase in the National Living Wage will have a "huge hit" on the business' finances and he may have in increase prices for his customers.
"It might be a case of increases our prices on coffee and cakes," he said. "Obviously that has an impact on our customers which is something we don't want to do."
It was announced by the Chancellor that the National Living Wage will increase from £11.44 to £12.21 an hour from April 2025.
The National Minimum Wage for 18 to 20-year-olds will also rise from £8.60 to £10.00 an hour – the largest increase in the rate on record.
Meanwhile pensioners like Marion Stratford feel more could have been done to make running the cost of a car more affordable, despite the announcement of the freeze to fuel duty.
She said: "We've paid into the system forever, all our working lives. And now it's as if they have decided we aren't worth anything."
Mrs Stratford's husband, Rob, who is a former welder, says he's upset at the higher National Insurance costs for firms. He added it's something businesses in Grimsby "could well do without."
"Anything you do against business comes back to the people, you put your prices for business up, they pass it on, that's how business works," he said.
The Chancellor said the rise in National Insurance hike was a "difficult", but right choice in order to fund public services.
Although there were some exemption for the smallest firms, she announced firms would bear the brunt of her £40bn total tax rise.
Another resident, Roland Thompson, said he's happy finances are being spread more widely.
"Alright they've taken money off the pensioners, I don't mind if they do that and everybody else has a share," he said.
"But they've made a lot of promises they've not kept to them."
Analysis by ITV Calendar's Political Correspondent, Charanpreet Khaira:
Like the rest of Westminster, I was hanging on to the Chancellor’s every word today - and have spent the hours since combing through the smallprint.
The commitments for our region will be welcome, although they aren’t exactly groundbreaking.
For such a straight talking Chancellor, there were a couple of surprises - like Reeves’ decision not to increase fuel duty or extend the freeze on income tax thresholds.
But there are two numbers that everyone here in Westminster is talking about today.
The first is £40 billion - a colossal increase in taxes.
On the flipside though, the other big number is £22.6 billion - the extra cash that’s going to be injected into the day-to-day health budget.
Those two figures set out the enormous scope of this budget - with massive tax hikes offset by huge increases in spending.
It’s the first time this Government has made major policy decisions - a major change to how our economy works that will come to define this Government for better or worse.
Today's budget has already earned its place in the history books as the first ever delivered by a woman - Yorkshire's own Rachel Reeves.
What we don't yet know is how history will judge the decisions she's made today.
Pledges by the Chancellor to Yorkshire and the Humber:
From the start of 2026/27, the West Yorkshire Combined Authority and South Yorkshire Combined Authority will both benefit from the introduction of a single, flexible funding pot through their integrated settlements
Yorkshire and the Humber will benefit from the Transpennine Route Upgrade between Manchester, Leeds and York, which will transform northern rail connectivity with faster, more frequent and more reliable services for passengers.
The Humber will benefit from private sector investment brought in by Freeport, which is now fully operational with the designation of a customs site.
Yorkshire and the Humber to receive £47 million through the 6-month extension to the Household Support Fund to March 2025. Funding for a further 12-month extension in 2025/26 confirmed today will be announced by DWP in due course.
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