“While any steps to drive the growth of the economy are welcome, we believe that the government could and should go further in reducing the tax burden on businesses. The average corporate income tax rate in OECD countries is 21.5%, and the UK has the ability to go further in a move that will incentivise entrepreneurialism and growth.

“Reducing the tax burden is only part of the solution, and significant targeted investment in strategic industry sectors would help to supercharge the wider economy and build our capabilities in the green economy, technology and manufacturing 4.0.”