Reeves spoke for well over an hour and delivered many of the changes already anticipated ahead of the Budget including a rise in National Insurance of employers and a leap in the minimum wage.

There were also increases to Capital Gains Tax but the Chancellor announced that fuel duty would be frozen once again.

Reeves said the tax rises were ‘responsible’ and that it allowed the Government to create the conditions for a stable economic environment and push for future growth.

Corin Crane, chief executive of Coventry and Warwickshire Chamber of Commerce, said: “We all knew that taxes were going to go up and that businesses were going to take the hit on that.

“There will be some concerns out there and certain sectors – such as leisure and hospitality – that are already struggling will really feel the weight of some of those tax rises and cost increases.

“The pay off, we all hope, is that the promise to invest, invest, invest is the catalyst for economic growth and that will then be felt by businesses right across the region.

“Investing, for example, in infrastructure such as roads, rail and energy – as well as new homes – will boost the economy and we welcome that.

“It’s fair to say that the Chancellor has had to balance the difficult decisions with presenting a positive outlook for the future and time will tell if that has been achieved.”

Steve Harcourt, director of Prime Accountants Group, added: “It was always going to be a tough first Budget and we were all expecting there to be some hard medicine to swallow.

“But there was also a strong hint of optimism with it and we have to ensure that we’re there to support the businesses who might be hit by the changes and ensure that, in this area, we build on the strength of our regional economy and make the most of that investment that has been promised.”

Pictured: Businesses gather with the Chamber at the Telegraph Hotel