Firms are now more concerned about possible tax hikes in the budget than they are about inflation or interest rates, a new survey suggests.

The British Chamber of Commerce’s (BCC) quarterly economic survey showed that 48 per cent of firms cited taxation as a worry, up from 36 per cent the quarter before.

This meant that tax was the single biggest concern for businesses last quarter, with firms in professional services and construction sectors most likely to cite it as a concern.

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