THE OWNER of an antiques and secondhand jewellery shop in Basingstoke has described feeling 'totally hammered' by Rachel Reeves' budget.

Alan Stone, who owns Squirrels Antiques in New Street, explained in an interview with PA Media how Labour's first budget in 14 years, delivered on October 30, would affect his business.

The 60-year-old said: "I employ 13 staff which puts me in the category of being totally hammered by that budget.

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Alan StoneAlan Stone (Image: Newsquest)

"I know there’s a couple of tax breaks which make might make life a little bit easier, but it looks like I’m going to be one of the ones hit the hardest."

Key points of Wednesday's budget included a raise in taxes, pensions, tobacco tax and the minimum wage in addition to freezing fuel duty and cutting draught duty.

Rachel Reeves also announced that employers' National Insurance contributions will be raised from April 2025, a decision which Mr Stone said may force him to let go of one of his employees.

He added: "I hate doing things like that because you've got less staff and you get less work done.

"The national insurance contribution is going to hit me hard because I don't get the relief [Labour] are talking about. It's going to cost me a significant amount of money a month."

The Brookvale resident said that he was 'already being clobbered with the highest rates of taxation for decades by the Conservative Party' which has 'just gone up'.

When asked whether the changes would force him to increase prices, Mr Stone said: "I can't increase my charges to customers.

"All of them are going to have to come out of the direct bottom line profit of the business."