North Wales traders on their Budget hopes and expectations

Mr Hunt’s Budget will arrive amid soaring living costs and warnings from the Bank of England that the UK faces its longest recession since records began.

And it takes place fewer than eight weeks since the tax-cutting “mini-budget” which saw the pound fall sharply against the dollar, government borrowing costs soar and the Bank of England make an emergency intervention.

Mr Hunt has already reversed much of the mini-budget, set out by his predecessor, Kwasi Kwarteng, but is expected to go to greater lengths in an attempt to reduce the UK's debt.

With all of this in mind, North Wales traders have shared their hopes and expectations for tomorrow’s Budget.

Hayley Morgan runs The Twisted Tree, a gift shop on Prestatyn’s High Street.

She said: “We would be looking for a Budget that will help businesses survive the (cost of living) crisis.

“Keeping the high street alive is a priority, for both economic purposes and also for the psychological wellbeing of traders and shoppers. 

“Individuals and families are feeling the squeeze and that in turn, impacts local businesses.

“A budget that would assist all that fall into these categories would be very much appreciated by so many.”

Gemma Williams, of The Little Cheesemonger, is also based on Prestatyn’s High Street.

Having had to close her other shop in Rhuddlan earlier this year, she is hoping for significant business rate reductions from the Budget.

Gemma said: “I'm hopeful for inspired assistance for business energy bills in 2023, a real hard look at why fuel suppliers should be making such huge profits - effectively putting their customers out of business, and massive cuts to business rates for 2023.

“As a small business, the Government should actively want us to make profits, on which they can tax us and other staff members in employment.

“It would make no sense at all to put more pressure on small businesses, leading to lots more people applying for Universal Credit rather than working in 2023.”

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How Prestatyn High Street traders are surviving the cost of living crisis

Another Prestatyn High Street trader, Julie Hyslop of the Patagonia Welsh Roots steakhouse, added: "As a food-led business, we are, at the moment, being left high and dry.

"We hope that the budget takes in to consideration the VAT rate for hospitality and drops it to 10 per cent.

"This will help, but not cover, the rises in energy costs.

"We have, in the last few weeks, given our staff pay rises due to the increased cost of living.

"We have done this without putting our prices up, but if there is no help for hospitality in the Budget, we are unsure of the industry's future. 

"Not just here in North Wales, but in all areas of the UK, hospitality businesses are closing daily.

"We are proud of our ‘bucking the trend’ High Street, but if the local people don’t use us, they will lose many of us.

"We hope to see reductions in the business rates for 'brick-and-mortar businesses on the High Street, and a clamp down on big companies who have a major online presence but who pay no rates for this."

Elsewhere, in Llandudno, the owner of the Bistro Bach restaurant, Bobby Sirrah, is hoping for drastic cuts to energy costs.

This, he said, could be key to preventing many businesses from folding.

He said: “I think the biggest crisis at the moment is the energy crisis.

“While personal energy costs were capped at 80 per cent, this cap doesn’t apply to business, so most of us had our energy costs increased by 500 per cent or more.

“If this isn’t addressed in the next Budget with a viable solution, then I fear that Llandudno (along with most of the country’s) hospitality sector will be absolutely decimated.

“The current energy costs are beyond being financially viable; they are levels that no-one could ever realistically pay and stay in business.

“If this isn’t addressed, there will be mass closures of businesses, meaning huge job losses across the board.

“Small businesses will be the first to go if the cost of living crisis isn’t addressed.

“Inflation on food was 14 per cent at the most recent rise. With the pound plummeting in value, it now costs more to import things such as wine which are purchased in euros.

“The financial walls are closing in on small businesses, and even the most well-established and successful small businesses are going to have to make difficult decisions this winter about whether it’s sustainable anymore.

“We need to stop giving large tax breaks to wealthy corporations and start looking at ways to support small businesses and family run businesses as well.

“If nothing changes, then only the large corporations will survive and have a monopoly on so many aspects of our lives.”

Meanwhile, Kevin Rice, of the West Shore Beach Café in Llandudno, admitted that he is “expecting tough times ahead”.

Emma Williams, from Prestatyn’s Maple Bay Boutique, added: “I just hope the Budget reaches those who need it most.

“It may be Christmas, but staying warm and being able to eat are what are most important. When people are a little more comfortable, the high street will thrive.”