“The imperative at this Budget was for the government to provide confidence and reassurance to businesses. It is clear the Chancellor has sought to provide longer term clarity across a range of areas, but there are also a number of issues which will no doubt leave businesses fearful.

“Businesses will be encouraged by a new long-term programme of public investment and capital spending on infrastructure upgrades and boosting high-growth sectors.

“Hospitality and leisure operators may give a cautious welcome to permanent reliefs for business rates and the cut in draught alcohol duties, hopefully giving them some breathing space and a level of certainty moving forward.

“However, increases in employers’ National Insurance Contributions, the significant reduction in the threshold and the increase in the National Living Wage will leave many businesses worried about how they will be able to afford those extra payments, never mind recruit more employees.”