Reeves told the BBC she hoped the Budget, which includes massive tax increases, would be a one-off.
“This is not the sort of Budget we would want to repeat,” she told the BBC’s political editor Chris Mason.
“But this is the Budget that is needed to wipe the slate clean and to put our public finances on a firm trajectory.”
John Lavery, the owner of Fish City in Belfast city centre said he was worried about the pressures the Budget would put on his business and the measures he would have to take to manage costs.
“It’s been a disaster of a Budget for small businesses, but especially hospitality,” Mr Lavery told BBC News NI.
He said he would need to find an extra £35,000 to meet the requirements of the budget.
“We have squeezed everywhere that we can, I don’t know where we’re going to find the additional money,” Mr Lavery said.
He added that he would have to look at other ways to save money such as increasing prices or letting staff go, which he would be “very reluctant” to do.
“It’s with great reluctance I have to look at our labour and maybe have to make some harsh and difficult decisions, which brings me no joy,” he said.
“It’s very difficult to see where to make any further savings.”
The chancellor’s announcement also included a £1.5bn funding package for Stormont.
The funding for next year consists of £1.2bn for day-to-day spending and £270m for infrastructure investment.
