LABOUR’S recent emergency Budget is a moment of reckoning for the country.

It’s clear the Labour Chancellor has lost control of the public finances, with real consequences for people and businesses right across the country – including for us in Central Devon.

From rising inflation and higher interest rates to growth being killed stone dead, the choices Rachel Reeves has made, will leave families and businesses worse off.

The impact of Labour's policies are already being felt by small businesses – many of whom are the backbone of our local economy.

Companies I have visited recently like Tors Vodka, an award-winning distillery in Okehampton, and family-owned cider maker Sandford Orchards in Crediton, are now facing a growing mountain of taxes and rising costs that threaten their future.

As Sanford Orchards founder, Barny Butterfield, pointed out to me, these added costs will have an enormous ripple effect, and could mean the closure of many small businesses and pubs that are integral to the heart of communities right across Central Devon.

The UK’s beer and pub sector contributes £34.3 billion to the economy and supports over one million jobs, Yet, thanks to Labour’s reckless tax increases, these businesses are being forced to pay more, which is ultimately being passed on to you, the consumer.

Before the election, Labour promised “growth, growth, growth” but this emergency Budget represents a clear failure by Labour to understand the fundamental role of businesses in driving that economic growth.

By whacking up National Insurance taxes on businesses by £25 billion, Labour has not only stifled growth, but they have also directly contributed to the inflationary pressures that are now making life more expensive for everyone.

Small but highly successful local businesses that create jobs and contribute to our local identity, are now caught in a vice of rising costs, reduced profitability, and government-imposed restrictions that make growth even harder.

The Chancellor has gambled with the nation’s finances, and it’s local businesses and hardworking families who will pay the price. Labour’s decision to raise taxes, borrow recklessly, and spend without regard for the future has left the country in a perilous position.

It wasn’t the Conservatives who talked down the economy. It wasn’t the Conservatives who introduced a Jobs Tax and placed an additional £25 billion tax burden on businesses, killing growth stone dead in the process.

It was Labour’s reckless economic policies that have led us to this point. And it’s local businesses along with the hard-working families of Central Devon, who are now feeling the consequences.

The Chancellor may try and blame everyone else for her mess and try to downplay the impact, but the reality is impossible to ignore.

This is as a direct result of her choices.

The 1.2 per cent rise in employers’ National Insurance contributions may appear modest, but as an entrepreneur, who has built businesses from scratch, I can assure you it will have far-reaching consequences.

From April 6, businesses will be required to pay an additional £900 per employee for the average worker.

For many businesses, it means job cuts, freezing wages, shelving investment plans, raising prices, and in some cases, closing their doors altogether. Time for the Chancellor to think again.