Anthony Andreasen, director at Gosforth-based RMT Accountants & Business Advisors, says: “Any steps to reduce the significant strain that has been placed on company finances by high inflation, rising energy costs and supply chain challenges will doubtless be welcomed by the region’s entrepreneurs and business owners.

“While it’s disappointing that the corporate tax rate increase from 19% to 25% has been confirmed, Chancellor’s new full capital expensing system will give North East firms a greater range of options for making investments in technology, machinery and plant that could help them put expansion plans into action and realise more of their growth potential.

“The additional research and development tax incentives announced today will also be welcomed by businesses operating in the North East knowledge economy, which is an increasingly important part of the overall regional economy.

“The North East already punches well above its weight in sectors like video game development and media production, and the government’s hope will be that these new measures will match these businesses’ expectations and ambitions.”