While the focus of the pre-briefing of the chancellor’s plans was a package of summer holiday measures, dubbed the Great British Summer Saving Scheme by Rachel Reeves, there were a number of more serious tax measures announced including 5% temporary VAT rate, approved mileage rate hike and a profit shifting clampdown.

In a positive move the chancellor increased the approved mileage rate for personal car use for business trips. This was increased for the first time in more than 15 years.

In a brief speech, chancellor Rachel Reeves addressed the problems facing business as a result of the Iran war and closure of Strait of Hormuz.