Labour's high-tax Budget has imposed additional pressures and squeezed bottom lines

This Budget was always going to impose additional pressure on businesses that have already faced significant challenges since the pandemic.

It didn't disappoint with the increase in minimum wage and employer National Insurance contributions sure to squeeze bottom lines even further.

In truth, it will probably compel a lot of companies to look at ways where they can enhance existing productivity and adopt better working practices - two measures that will lead to stronger businesses but may not necessarily result in the job creation that Labour so desperately are looking for.

As an engineer I'm pragmatic and used to dealing with challenges.

The Chancellor promised to end "short-termism" and I think most of the industry would welcome a period of stability so we can try to control our own destiny.

She also spoke about investing for the future, and I am eager to see how this investment will materialise, and the tangible returns it will deliver for the economy. I am willing to support the Government, but they must, in turn, support Britain, back small to medium-sized businesses, and fulfil their policy commitments.

Ringfencing a significant proportion of the billion pounds announced for automotive, aerospace and life sciences so the domestic supply chain benefits should be the starting point and oven-baked into the new Industrial Strategy.

The latter must be pushed through swiftly and it must seek the endorsement and buy-in of companies of all sizes, including SMEs. This should create the clear roadmap they need to follow to invest and innovate.

As a passionate British manufacturer, it was great to hear industry mentioned so often and I sincerely hope this is genuine and not just lip service.

This Budget could give us a pathway to a brighter future, but there is challenging work to do.

We need the Prime Minister and his team to drive, deliver and indeed put the UK back at the forefront of the G7 economies.