Business chiefs seek most corporate-friendly Budget in history to save stricken economy

Business leaders have urged the Chancellor to slash taxes or face long-term economic damage after productivity suffered a record quarterly fall and Britain plunged into a historic recession.

Chief executives and lobby groups have said that Rishi Sunak’s autumn Budget must be the most corporate-friendly in history to stave off total disaster.

They highlighted grim data showing that productivity dropped in every sector of the economy between April and June. The largest fall was in construction, where the output per hour worked plunged  11.4pc from the previous quarter, and the smallest in manufacturing which posted a 0.3pc drop.