The Chancellor highlighted falls in interest rates and inflation as well as Government borrowing, and said the UK was better insulated from global circumstances.

Coventry and Warwickshire Chamber of Commerce, in partnership with Prime Accountants Group, held a roundtable event at Stockton House with firms from across the region to discuss the content of the statement and also gauge the sentiment among businesses.

Corin Crane, chief executive of the Chamber, said: “Businesses wanted it to be quite boring and uneventful – and it didn’t disappoint.

“We’ve been calling for stability and certainty for many years to help give companies the confidence to invest and grow.

“So, we welcome the fact that this statement was more of an update on the back of last year’s Budget rather than a raft of new announcements.

“All of that said, that doesn’t mean there aren’t concerns around the cost of doing business, particularly around employment costs especially with the rise in National Insurance.

“It’s therefore vital that Government continues to listen to the Chamber at a local and national level on how businesses are feeling and do everything they can to remove barriers to growth.”

Steve Harcourt, director of Prime Accountants Group, said: “This was more like a half-term report by the Chancellor and it sounded very much like she was giving herself an A*!

“Stability and certainty is very welcome but there is still concern about where stronger growth is going to come from, particularly with this year’s figure revised downwards slightly.”