“When you hit profits, you hit competitiveness, you hit investment, you hit growth,” she will warn in her address.

“Tax rises like this must never again be simply done to business,” she will say. “That’s the road to unintended consequences.”

She will call for a new approach to business-government relations, stating: “From now on we need an elevated partnership for a higher purpose.”

“Too many businesses are having to compromise on their plans for growth. We can’t let that stand and not act,” Newton-Smith will add.

The October Budget included a nearly £70billion increase in public spending, partly funded through higher business taxes.

Among the key changes was an increase in employer national insurance contributions, which has drawn criticism from the business community.

The Budget also raised the minimum wage, a move welcomed by workers’ groups but causing concern among businesses. Companies warn they may need to pass costs to consumers, reduce hiring or accept lower profits.

Recent indicators suggest immediate impacts, with a monthly business survey showing private sector activity contracted in early November amid falling confidence.

Major retailers including Tesco, Sainsbury’s and Marks & Spencer have warned of a £7billion cost increase due to Budget changes.

Newton-Smith will urge the government to accelerate reforms to business rates and provide more flexibility on apprenticeship levy spending.

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