“This could, in turn, lead to the increase being passed on to online shoppers, thus further fuelling inflation.

“I’m pretty sure that wasn’t the Chancellor’s intention.”

He said that overall he felt the Budget was a big disappointment for business.

“Small businesses are striving to keep going and continue to employ people, but there was a complete lack of any indication of hope to foster any confidence in SME sector.”

And he said the Budget changes could impact the use of SASS and SIPP funds to buy commercial properties.

On the macro level, he pointed out that a key driver of recent headroom erosion will continue to hinder the Chancellor’s growth plans.

More debt, an uncertain path for bank rates, and risks to term premia - the extra return investors demand for holding long-term bonds instead of rolling over a series of short-term bonds – will all contribute to the risk that a 1% rise in gilt yields could reduce the Chancellor’s headroom by as much as £16 billion.

But he remained optimistic for the commercial property sector.

“So 2026 looks like much of the same and could present ‘buy ‘ opportunities for some . Hopefully there will be pressure for a further interest rate cut to possibly stimulate market activity.”