The Chancellor spent weeks saying he was listening to small businesses. Two days after the budget, Charlie isn't convinced, and Matt wants to know what he was expecting.

In this bonus episode, recorded the Friday after the 28 October budget, Charlie leads and calls it the nothing budget. His case: the National Living Wage up 3.9% to £13.21 with nothing to offset it, the Business Asset Disposal Relief lifetime limit halved from £1m to £500,000, the main writing down allowance cut to 12%, income tax thresholds still frozen, and nothing for hospitality on VAT.

Matt plays devil's advocate. He came in expecting worse and finds things to like, including small business rates relief for retail, hospitality and leisure rising from £12,000 to £18,000 rateable value. They argue about foreign investment, whether you can inflate your way to growth, and why Founders' Relief looks generous on paper and narrow in practice.

Then Claude's Question of the Week. Take one measure from Wednesday, apply it to your own business. Did anything make you more likely to invest, hire or stay put? Matt's answer is the most honest thing said all episode, and his one change pitch might be the best policy idea in it.

📊 National Living Wage rises 3.9% to £13.21 from April 2027, with the 18 to 20 rate going to £11.27

🧠 "It could have been worse" is not a growth plan, and nobody runs their own business that way

💷 The BADR lifetime limit halves to £500,000 from April 2027, so selling up gets dearer for many owners

⚖️ Rates relief for small retail, hospitality and leisure premises now reaches £18,000 rateable value, but most other small firms get nothing

🎯 The answer both hosts land on is the same as ever, keep doing what works and grow through it

(00:00) A late start and a Friday budget special

(05:47) Matt's week in the Netherlands

(08:50) A washing machine of a week

(10:23) Win of the Week

(15:58) The Nothing Budget

(19:35) Could have been worse is not a win

(21:04) What did you actually expect?

(23:46) Is foreign investment good for Britain?

(27:39) Only 3.9 percent on the living wage

(29:34) Can you inflate your way to growth?

(33:38) The low value imports change

(34:56) Small business rates relief threshold

(36:21) BADR, allowances and frozen thresholds

(37:40) Founders' Relief and employee trusts

(42:08) Multi-site and losing rates relief

(43:50) Exits and delayed gratification

(45:42) Wages, welfare and hands tied

(47:26) The only answer is to grow

(50:34) Claude's Question of the Week

(53:03) Swap the budget for one change

(56:07) Circle of concern and council tenders

(58:22) Wrap up

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