7. Mr Buckley asked the Minister for the Economy for his assessment of the impact of the rise in National Insurance contributions in the autumn Budget 2024. (AQO 1219/22-27)

8. Ms Á Murphy asked the Minister for the Economy for his assessment of the Chancellor’s autumn Budget 2024 in relation to supporting local businesses. (AQO 1220/22-27)

A Cheann Comhairle

[Translation: Mr Speaker]

, with your permission, I will take questions 7 and 8 together.

The Budget contained a range of announcements that affect local businesses in a variety of ways, depending on the characteristics of each individual business, including its size, location, which sector it operates in and how it chooses to manage the new arrangements. The rise in wages for our lowest-paid workers is to be welcomed, but it has not been offset by a reduction in other costs. Indeed, it has been introduced in parallel with increasing employer National Insurance contributions, which will put many businesses under more strain, given the rising cost of doing business.

There are measures in the autumn statement that present opportunities for local business, For example, there was the unpausing of the growth deals and support for key sectors such as life and health sciences, creative industries and aerospace and key elements of my economic plan, such as innovation, R&D and decarbonisation. There were, however, also very challenging elements to it, and it will take time to understand and to engage with businesses to see the full impact of the Budget on them.

Labour's disastrous Budget had a severe impact not just on farmers but on business owners, and the increase in employer National Insurance contributions has left many of them feeling that they are being taxed to the point of death. Growth rates have slowed down as a result of the Budget, and there have been record numbers of company insolvencies throughout the UK as a result of Labour's half-baked policies. Can the Minister outline how many businesses in Northern Ireland have filed for company insolvency post the Labour Budget?

I do not have that information to hand, but I am very happy to correspond with the Member to provide it, if there is up-to-date information and if that information attributes the causation of somebody's insolvency to how the Budget has left them.

I support the idea of giving poorly paid workers more wages, but the Government should have offset the cost of that by taking action on the cost of living and the cost of energy, both of which are also impacting on businesses. I am happy to see whether there are figures on what the Member mentioned, and, if they are available, I will provide them.

As the Minister will know, I come from a constituency that relies heavily on the hospitality sector. Can he outline the impact of the British Government's Budget on the hospitality sector?

As I said, the full impact will take time to become clear. I have acknowledged the benefits to workers from increases in the national minimum wage and the national living wage, but there are challenges, particularly with the cost of energy. I am aware of particular concerns raised by the hospitality sector about the Budget and its ongoing work to engage with Departments on relevant issues. My officials and I will continue to engage with local business stakeholders, including those in the hospitality sector, to understand the full detail of the Budget in the context of my economic plans.

We move to topical questions.