What could this week's Budget mean for Surrey?

The Liberal Democrats have been campaigning in Woking ahead of the budget

Many in Surrey will be watching the Budget for announcements including possible child benefit changes, tax increases and reductions to energy bills.

The Liberal Democrats have been out campaigning in Woking, calling on Chancellor Rachel Reeves to cut VAT for pubs, restaurants and other hospitality and entertainment businesses.

While Sir Jeremy Hunt, Conservative MP for Godalming and Ash and former chancellor, told the BBC's Sunday with Laura Kuenssberg programme that more action needed to be taken on reducing debt interest payments.

A Treasury spokesperson said: "The chancellor has set out the context for the Budget, recognising global and long-term economic challenges."

But how are residents and businesses feeling ahead of the budget, and what would they like to see?

The chancellor has hinted at changes to the two-child limit policy, which means many families do not receive further benefits for any third or additional children born after April 2017.

Nancy, not her real name, moved to Epsom after leaving a domestic abuse situation and has four children.

She says she is not able to work, partly because two of her children have autism, and the family's income comes from universal credit, which is significantly impacted by the cap.

"[If it is lifted], it will probably make me cry because it will change my life completely," she said.

"Even though for some people it doesn't seem massively life-changing, for me it would and my family would be so much [more] comfortable."

'I take less than minimum wage'

Since the budget in October 2024, businesses in Surrey have raised concerns about increases to employer National Insurance contributions and the minimum wage and reductions to business rates relief.

Roland Foxcroft, who runs Cellar Magnifique Wine Bar in Woking, told BBC Radio Surrey it was a "very tough economic climate."

"Completely frankly, often I, as owner, am taking far less than the minimum wage out for doing my work," he said.

"We've worked hard to protect our staff, we've worked hard to invest in things like our daytime cafe to try and drive growth.

"But we recognise that those options aren't necessarily open to all wine bars, pubs, restaurants and 84,000 people across the hospitality industry have lost their jobs."

Roland Foxcroft is the owner of Cellar Magnifique in Woking

From April 2026, inherited agricultural assets worth more than £1m, which were previously exempt, will have to pay inheritance tax at 20%, which is half the usual rate.

Jim Simmons, who is chair of NFU Surrey and also a farmer near Guildford, called the change "ill considered" and wants the government to reconsider it.

"It takes years to pay back these tax bills and they're just not sustainable," he said.

Farms in Surrey have put up signs opposed to the inheritance tax changes

Hugh Broom, who is a farmer from Dorking and the presenter of the Farmers Weekly Podcast, added that it was "causing a huge amount of worry" at a time when other support mechanisms for the industry were being taken away.

"Many of our farmers, if it carries on like it is now, they just will not be there in five or ten years' time, at the very time we need food security," he said.

A government spokesperson said: "The Budget will continue to build the strong foundations to secure Britain's future and on the priorities of the British people - cutting waiting lists, cutting national debt and cutting the cost of living."