The statement — which was devised to deliver “long-term, sustainable growth” — focused on four pillars of industrial strategy: ‘enterprise’, ‘employment’, ‘education’, and ‘everwhere’.

Despite specialist finance experts’ hopes of some level of intervention to help the property and housebuilding sectors, no major reforms were announced today.

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The announcements made by Jeremy Hunt include:

• the extension of the £2,500 Energy Price Guarantee until 30th June 2023
• the introduction of 12 new investment zones across the UK, including four in Scotland, Wales and Northern Ireland
• the allocation of over £200m for investments in high quality, local regeneration projects across the country
• the introduction of a new full capital expensing policy from 1st April 2023 until 31st March 2026
• a freeze on draught beer and fuel duty
• additional tax support to help SMEs investing in R&D, and tax relief for film, TV and video game industries
• £20m of funding to support carbon capture and storage projects across the UK
• plans to invest in nuclear energy — which will be classed as environmentally sustainable in green taxonomy, subject to consultation