Callum Thompson is director of Business Energy Claims, a small litigation firm based in Newcastle which helps businesses recover losses from being mis-sold energy contracts. He estimated the National Insurance rise announced in the Budget will cost his firm between £18,000 and £19,000.

Mr Thompson, who employs 30 people, is planning to open a new office near Liverpool, but said the company was now going to review its “aggressive plans” to expand and hire more staff.

Kate Lester, the founder and boss of Diamond Logistics in Guildford agreed that higher costs would “make us think twice about employing additional people”.

She added that tax rises would “add tens of thousands” to her wage bill, and said while not opposed the minimum wage rises, it was another cost mounting for her business.

But Pip Murray, owner of natural nut butter company Pip & Nut, said the Budget announcements were “light relief”, adding the changes were “pretty moderate and sensible”.

She said the 1.2% in National Insurance would not be a “significant cost” for her company, which has 30 employees.

“It could have been a lot worse,” she added.