Ahead of the Budget, a report from the Centre for Policy Studies (CPS) set out the case for the Chancellor Jeremy Hunt to prioritise measures which incentivise and attract business investment.

The CPS argued that there will be ‘significant pressures’ on public finances following the Budget and the corporation tax rise will knock around £30bn from the UK’s annual economic output.

They are calling for an immediate reversal in the planned 6% increase in corporation tax from 19% to 25%.

At the same time, the super-deduction on capital allowances to support business investment during the pandemic ends on 31 March 2023.