The organisation and the Federation of Small Business (FSB) said the £15 billion cost of living package did not include assistance for businesses.

On May 30, the FSB warned that the Chancellor would need to release more aid for businesses on the verge of collapse.

The organisation claimed that almost 500,000 would go bust “within weeks”, without urgent help,

Despite applauding the help for some vulnerable Britons, Martin McTague, the FSB chairman, said inflation promised to unravel many smaller businesses.