Much of the Budget had been trailed in advance and then made public via the Office for Budget Responsibility just before the Chancellor was about to address the House of Commons.

Changes were announced to salary sacrifice on pensions, business rates to support leisure, hospitality and retail firms and on apprenticeship training.

There were also announcements on a new tax-per-mile for electric vehicles.

Corin Crane, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “After last year, the Chancellor wanted to avoid any big shocks and any big surprises because of the fall-out 12 months ago.

“With all of the trailing of the Budget over recent weeks and the leaked OBR report just beforehand, there was little room for anything to come as a major surprise.

“As a Chamber, we’ve campaigned with our colleagues at the British Chambers of Commerce for there to be no major increases in tax on business and it does feel, broadly, like this has been the case. That said, many businesses will be concerned about a rise in the minimum wage and whether they pass on that cost increase to their own customers.

“On business rates, for years we have been calling for long-term reform but once again we got a short-term announcement which was welcome but doesn’t give firms the chance to really plan.

“We also wanted to see support for training and the announcement on apprenticeships is welcome.

“In terms of export, another area where we wanted to see action, there was very little in the Chancellor’s speech for businesses while on infrastructure there was a passing mention of more funding for planning but no big announcements.

“The Chancellor wanted to present a picture of stability and certainty – and attempt to put more money in the pockets of consumers – and time will tell if it gives businesses the confidence to start to invest and grow.”

Steve Harcourt, director of Prime Accountants, added: “We say every year that the devil is in the detail and I feel that is the case more than ever.

“Businesses felt stung by the Budget 12 months ago and the Chancellor has attempted to avoid that this time.

“There were aspects that sounded positive and some aspects – such as the change to salary sacrifice – that we’ll need to look at in more detail.

“Let’s hope it’s a Budget that gives a feeling of stability and confidence moving into 2026 and that we can get the economy growing more quickly and sustainably.”

Pictured: Business leaders gather at the Chamber’s Budget roundtable at Stockton House