“Faced with global headwinds from the Iran conflict, the UK economy showed welcome resilience in Q2, growing by 0.4%, according to today’s first estimate.

“The service sector performed particularly robustly, alongside a welcome return to growth in construction.

“But the headline figures shouldn’t disguise the cocktail of cost pressures choking long-term business growth.

“This is not a new problem. Our analysis shows domestic policy-driven costs for a typical SME have risen by more than 70% over the past decade.

“The Autumn Budget must be a game changer for stronger, sustainable growth. We need measures that boost trade, investment and productivity. In short, the Chancellor must back business, cut costs and deliver growth.”