In a letter to the Business Secretary, the Institute of Chartered Accountants in England and Wales (ICAEW) attacks ministers for having “no clear consensus” on how to boost growth and raise living standards.

It cautions Sajid Javid that the Government’s preoccupation with the referendum is causing ministers to neglect a pledge in the Budget to encourage investment and lift productivity. A lack of Government support meant businesses were more reluctant to make spending decisions, it says.

The warning comes as Britain’s biggest lobby group, the CBI, downgraded growth forecasts and data showed UK firms’ profits falling to the lowest level since the financial crisis.”