Mel Hird, director of Fresh Thinking Capital, said: “The Chancellor put the fiscal stability at the heart of his plans in today’s statement. While this is welcome for entrepreneurs, who need to plan with some certainty, I’d like to have seen more done to support entrepreneurs who are seeking to innovate and grow their businesses.

“Investment Zones are welcome but don’t suit every business, and while the research and development budget was protected, I’d encourage more support from the government. Ultimately, tax breaks are a highly effective way to give companies the cash they need to invest and grow.”