A metal-to-insulator transition in small Pb clusters within the size range from a few tens of atoms up to ~100 atoms is investigated using synchrotron-based photoelectron spectroscopy. The electronic structure is seen to differ increasingly from that of the solid when the cluster size decreases. With the cluster size decrease the valence band narrows gradually -down to 25% of that of the solid-state at the smallest size of few tens of atoms. Simultaneously the Fermi-edge energy increases. The Pb 5d core level binding energy also increases and the spectral features broaden and change the shape. The changes observed for the valence and for the 5d energies and shapes are consistent with the picture of the loss of metallicity in Pb below the critical size of 20-30 atoms/cluster.