In Norfolk, the proportion of firms planning to increase investment dropped to just 14pc in the past three months, down from 22pc in the first quarter of this year, according to new research by the British Chambers of Commerce.

It comes after tens of billions of pounds in tax and cost rises on businesses since Labour came into government in 2024, including an extra £25 billion of national insurance contributions and further staffing costs from consecutive hikes to the minimum wage.

The chancellor Rachel Reeves (Image: Kin Cheung/PA)

Energy costs also rose sharply in the second quarter of the year due to the war in Iran, which choked oil supplies and pushed up prices in Western countries.

Just 41pc of the businesses in Norfolk surveyed by the British Chambers of Commerce said they expected improved turnover in the next 12 months, down from 51pc when they were asked earlier in the year. Meanwhile, 30pc anticipate a decline in sales.

Under a fifth (15pc) of firms reported an upturn in sales over the last three months, while more than a third (37pc) suffered a decrease.

Nationally, under a third of hospitality firms expected turnover to increase, while a third predicted a decrease. In retail, almost a third (32pc) expected a decrease.

Both sectors have been heavily critical of the current chancellor, Rachel Reeves, after being hit hardest by the raft of changes made in her last two budgets.

However, despite ever-rising overheads, Norfolk's businesses are keen to continue investing.

One of those businesses is ROARR! in Lenwade. The dinosaur theme park, run by the Goymour Group, has recently invested £295,000 in a new ride called Fossil Falls, which opens on July 18.

Goymour Group, which runs ROARR! in Lenwade, has invested £295,000 in a new attraction called Fossil Falls, which opens on July 18 (Image: ROARR!)

At 107 metres, it is the longest outdoor tubing slide in the UK and has been nominated for Best New Attraction at the........

© Norwich Evening News