In many ways, the chancellor has kicked the can down the road in this budget, but many will be grateful for that. The massive debt that the country has built up as a result of the global pandemic will be addressed in future years, not now. In fact, that debt is set to increase with the welcomed extension of the furlough scheme and universal credit until the end of September.

Personal tax increases are frozen and businesses have, as a result, time to plan for a large corporation tax increase in 2023. This is designed to speed the economic recovery, which it should.

The budget purports to be business-friendly and should stimulate investment and research through the announced “super-deduction” tax clawback. The business rates relief extension is a vital part of shoring up our town centres although other measures will be needed.

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