Unashamedly pro-business was how the Chancellor described his budget in his address to the House of Commons yesterday. Even taking into account the degree of hyperbole that politicians believe is their prerogative, this seemed a difficult claim to live up to – and so it proved.

Retailers will be left disappointed. Yes, Corporation tax is heading in the right direction, but most disappointingly there was no relief from the impending hike in business rates and the fall in inflation means that businesses still face a significant rates burden.

Osborne did confirm the extension of Sunday trading laws in the eight-week Olympic period, and retail analyst Verdict predicts that this will generate an extra £220m in sales. But retailers themselves remain split on the real impact, with many convinced it will do nothing to contribute to the top line in real terms except in stores close to Olympic sites. 

Consumers will no doubt welcome the rise in the personal tax allowance to £9,205 from next April, but the failure to address the impending rise in fuel duty will offset much of that goodwill. Pursuing a policy of rising fuel tax and essentially lumping it in with the “sin taxes” of alcohol and tobacco, is misguided at best. Let’s be very clear, petrol is not a discretionary spend for businesses or the consumer - it is an essential element in retail’s supply chain and how many of the hard-working population get to and from work.

In the end, the tone of Osborne’s budget speech hit many of the right notes, but the detail has fallen short of what was needed. There have been some small but encouraging signs on the road to recovery in the last few weeks but the journey remains painfully slow. Retailers will need more from their government than this.