Rachel Reeves did not grant businesses their much wished-for government U-turn on last October's Budget tax changes, coming into effect from April.

The minimum wage, employers' national insurance contributions and business rates are all set to go up.

"It is disappointing that the chancellor didn’t take this opportunity to offer an olive branch to the business community, especially after October’s Budget," said Jack Weaver, chief operating officer at Norfolk Chambers of Commerce.

"That felt like a raid on the very people on whom so much of the government’s growth aspirations depend."

The chancellor Rachel Reeves (Image: Stefan Rousseau) The chancellor said the 2025 growth estimate for the UK has been halved from 2pc to 1pc by the government's official forecaster, the Office for Budget Responsibility (OBR).

Paul Simon, head of public affairs at the Suffolk Chamber of Commerce, said the Spring Statement offered "little immediate comfort" to businesses.

Paul Simon, head of public affairs at the Suffolk Chamber of Commerce........

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