The circus surrounding the chancellor's latest Budget has made for an unnerving few weeks for firms, which were dealt a devastating financial blow this time last year.

Rachel Reeves laid the ground for another painful fiscal package in an unprecedented 'scene setter' speech earlier this month, refusing to rule out manifesto-breaking tax rises.

The chancellor Rachel Reeves will deliver the Budget (Image: PA)

The chancellor said she would make the "necessary choices" to fill a £30bn black hole in public finances and that "each of us must do our bit" for the country and its future.

She planned to increase income tax - a move that would have broken Labour's election promise not to raise income tax, VAT or National Insurance (NI) for "working people".

However, after estimates suggesting the gap in public finances is £10bn smaller than previously thought, she has now performed a humiliating U-turn on hiking income tax.

The chancellor will announce her Budget on Wednesday afternoon.

"Last year’s Budget added further cost pressures and had a clear impact on consumer and growth-led spending," said Nick Steven-Jones, Jarrolds chief executive and chairman of the Norfolk Business Board.

Nick Steven-Jones, Jarrolds CEO and chairman of the Norfolk Business Board (Image: Denise Bradley)

"Rising employment costs and energy prices have constrained our operational flexibility and customers have become more selective in discretionary spend, particularly within food and hospitality."

Jarrolds is Norfolk's largest independent department store, employing around 400 people across its stores and business services arm.

Increases to the minimum wage and employers’ NI contributions announced in last year's Budget have added more than £600,000 to its annual wage bill.

Mr Steven-Jones said he wants the chancellor to provide more support for city centre regeneration projects, a more flexible and progressive approach to business rates, and incentives for companies promoting British-made........

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