This Budget will be remembered most for increasing the tax burden on working people, already at a high level, to fund higher welfare benefit spending. It also has serious implications for East Hampshire.

Agriculture remains a vital part of the local economy, and it is deeply disappointing that farmers did not receive a reprieve from the Family Farm Tax, despite earlier signs of hope. While there is a change to transferable allowances, the National Farmers Union says it will help only a small number of farmers. The inheritance tax changes will still force family farms to be broken up. This remains a counter-productive tax.

Hospitality and retail businesses are also central to the strength of the local economy and the vitality of town and village centres. The chancellor announced “a permanently lower multiplier for hospitality businesses”, but the discount falls well short of what was proposed last year. It will take time to fully assess the impact of these business rates changes.

There is also concern about the impact of the new visitor levy on overnight stays and its effect on the local visitor economy, which should be a growth opportunity for East Hampshire. While the levy is technically optional for mayors, the Government’s funding formula is likely to assume it is introduced, making it difficult to avoid. Like changes affecting landlords, it is also likely to be inflationary.

On business growth and employment, support is still needed for the English wine sector, centred on Hampshire, Sussex and Kent. The Budget was a missed opportunity to back this young growth industry.

Support with energy bills may help offset next year’s rise in the energy price cap, but it remains unclear how off-grid households will be helped — an issue of real significance across East Hampshire.

The introduction of a pay-per-mile charge for electric vehicles will hit rural communities hardest, where longer journeys are unavoidable. Motorists may welcome the extension of the fuel duty freeze until next September, but prices will rise after that. There was good news for East Hampshire commuters with a freeze in rail fares. The key question is whether vital investment in rail infrastructure will continue.

Overall, this Budget is disappointing in multiple respects. It fails to address the specific challenges of rural areas and lacks the clear plan for employment and economic growth that is so badly needed.