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Around 2.7 million people will see their pay packets boosted with an increase to the minimum or national living wage. But what about the businesses paying them? Richard Gaisford has more.

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Fiona Bruce, "Do you see much growth in the budget?" Tom Hunter, "No.. There is no economy in the world that has taxed it's way to economic growth" "Just one example.. A friend has a business.. 30 retail units.. Turning over £40 million.. But lowering the NI will cost them £500,000 and the new living wage will cost them £800,00" "So that's £1.3m out of his profits" "So he says three of his units are now not profitable, so he may need to close them" "So he will pay off 90 people" "Let's assume half of them will find a job somewhere else.. That's 45 people not paying tax, not paying NI, now on benefits.. That's not growth" "We want Labour to succeed, but there's nothing to encourage people with this budget"
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Fiona Bruce, "Do you see much growth in the budget?" Tom Hunter, "No.. There is no economy in the world that has taxed it's way to economic growth" "Just one example.. A friend has a business.. 30 retail units.. Turning over £40 million.. But lowering the NI will cost them £500,000 and the new living wage will cost them £800,00" "So that's £1.3m out of his profits" "So he says three of his units are now not profitable, so he may need to close them" "So he will pay off 90 people" "Let's assume half of them will find a job somewhere else.. That's 45 people not paying tax, not paying NI, now on benefits.. That's not growth" "We want Labour to succeed, but there's nothing to encourage people with this budget"

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