An accountancy firm believes the Chancellor delivered “a more positive outcome than anticipated” with her Budget this week.

Senior staff at Stephenson Smart, which has offices in the likes of Lynn and Fakenham, are hopeful that a decision to scrap bingo duty could help to keep Lynn’s bingo hall open.

However, they have admitted that with income tax threshold freezes being extended, tax liabilities are “likely to increase”.

Claire Melton, a partner at Stephenson Smart, said: “The Budget delivered a more positive outcome than anticipated, combining measures to increase revenue – such as higher taxes and new levies – with steps to ease household pressures, including energy bill reductions and the removal of the two-child benefit cap.”

She added: “Income tax thresholds will remain frozen, meaning that as wages rise – including with the planned minimum wage increases – tax liabilities are expected to increase.

“In addition, a 2% rise on income from property, savings, and dividends will apply, and from April 2027 the cash ISA limit will reduce from £20,000 to £12,000, while individuals over 65 will retain the £20,000 allowance.

“On a brighter note, scrapping bingo duty could help keep our King’s Lynn bingo hall open – a place that means so much to our community – despite rising costs like wages and national insurance.

“And while electric and hybrid drivers will see a new mileage charge of 3p and 1.5p per mile, the extra funding should double the road maintenance budget. Hopefully, that means fewer potholes for all of us!”

Businesses around Lynn and West Norfolk voiced serious concerns following the Budget announcement yesterday, with some describing it as “breaking point” amid concerns they will have to close.