The Chancellor's budget speech felt less like breaking news and more like a greatest-hits compilation of leaked policies from the past few weeks. Despite this taking the sting out of what could have been a seismic shift in the tax landscape, the government are likely to be pleased that any sense of déjà vu came from premature policy speculation rather than a Truss-style tribute act. In aggregate, the £40 billion tax-raising plan demonstrates a clear commitment to fiscal prudence, however, this comes against a backdrop of a tepid growth outlook, illustrated by the OBR’s long-term forecasts.

Furthermore, the Chancellor's budgetary measures effectively transfer a significant fiscal burden to the corporate sector, allowing the government to uphold its manifesto pledges. This is likely to foster a challenging environment for businesses, dampening business investment and job creation in the short term, particularly for small and medium-sized firms that form the backbone of the UK economy.