Responding to the Chancellor’s Budget statement, Shevaun Haviland, Director General of the British Chambers of Commerce said:

“The Chancellor has listened to our calls and made the right choice by not piling major new tax rises on businesses’ shoulders, which will calm nerves.

“Firms will be pleased to see the commitment to transport and infrastructure, and critically the funding for planners the BCC has called for. It is now vital that the Government delivers on these promises.

“Business will welcome support for youth employment, stamp duty relief, protection for capital spending, a reduction in business rates multipliers and some investment tax breaks.

“They will be worried about salary sacrifice changes, mandatory wage increases, and retention of the energy profits levy, which will maintain cost pressures.

“Alongside this, we have seen UK-wide business support funding of almost £1bn axed and replaced with a system of piecemeal support which favours select urban regions. That risks further regional inequality and damage to rural economies.

“While most businesses will weather this new financial landscape, they are still being squeezed by rising costs. Many will be disappointed that this Budget did not provide a more compelling blueprint to deliver transformational growth.”

ENDS