Community comments on the October budget

Following the Labour government’s recent October budget, residents and businesses in Exeter have shared their initial reactions to the financial changes and their potential impact on society.

So far, responses to Chancellor Rachel Reeves’s budget involving £40 million worth of tax rises have been a mixed bag.

Many are concerned about the future economic implications, especially for businesses that are facing higher national insurance contributions.

However, Christina, a long-time Exeter resident and employee in Princesshay, expressed her relief and optimism about the budget, noting that she had expected it to be much harsher.

“Personally, I was quite happy with the budget,” said Christina.

“I didn’t feel it negatively impacted working people. I think that the minimum wage going up is amazing because people are finding it hard to live these days. However, I’m unsure how it will affect businesses in the long term—will they make cuts or hire fewer employees?

“On a positive note, it wasn’t as bad as we expected. If they’re truly investing in the NHS and helping young people get on the housing ladder by building more affordable homes, that’s great. Overall, I found it to be a positive budget, and I appreciated that it was delivered by a lady for the first time.”

Commenting on the budget, he said: “It's what we expect from a government full of people who've never run a business, let alone experience the issues business owners face.”

Richard Marsh, Deputy CEO of Devon Chamber and CEO of Exeter Chamber, emphasised the need for government support to help the hospitality industry sustain its vital role in Devon’s economy.

He said: “The hospitality industry is a cornerstone of our regional economy and needs tailored support to manage rising costs. We call on the government to provide additional assistance that will allow hospitality businesses to continue contributing to the vibrancy of Devon’s economy.”

Matthew Cousins, Exeter Chamber board director, also highlighted that Chamber members at least now have more clarity on the budget, enabling them to plan for the future.

He added: "A lot of the Chamber members have been saying that they don't know what has been happening and what is going to happen, and at least now they do and can plan for it."

If you want to share your thoughts on the budget, email us at ella.woszczyk@clearskypublishing.