Commenting on the chancellor’s Spring Forecast, Martin Bell tax partner at BDO said:

“Set to deliver £745bn to the UK’s economy by 2028, mid-sized businesses are an essential part of the Chancellor’s growth plans and may have taken some hope from today’s Spring statement.

“Relieved at the absence of any new taxes, businesses in the defence sector in particular will also be glad to see a £2.2bn increase in spending, a 10% earmarking of the Ministry of Defence’s budget for new technologies, and a £2bn increase in lending capacity for exports.

“Elsewhere the construction sector should be somewhat buoyed by the £2bn allocation for affordable housing, and further £600m earmarked for training the engineers, bricklayers, electricians and carpenters needed to deliver on the government’s ambitious targets. If the OBR’s prediction of a 40-year housebuilding high is anything to go by, growth for this sector seems likely.

“While these measures will go some way in unlocking much sought after opportunities for these sectors, targeted support and investment is needed across all sectors if mid-sized businesses, the economic engine of this country, are to get anywhere close to realising their full potential.”