Chancellor Rachel Reeves reiterated her pledge to go “further and faster” to improve economic growth in order to boost living standards, declaring it was the “number one priority” for the government.

“That means generating investment, driving reform and a relentless commitment to root out waste in public spending,” she said.

However, with tax rises set to come into effect in April, businesses have repeatedly warned the extra costs faced through hikes in National Insurance, as well as the minimum wage, could impact the economy’s ability to grow, with employers expecting to have less cash to give pay rises and create new jobs.

In the three months to November, the economy is estimated to have shown no growth. “The economy continues to be broadly flat,” said Liz McKeown, director of economic statistics at the Office for National Statistics (ONS).

In a bid to turn the tide, Reeves will meet representatives from some of the country’s biggest regulators later, including energy watchdog Ofgem and the Competitions and Markets Authority, to get ideas for growing the economy.

Reeves is understood to have decided to meet them in-person rather than wait to read submissions, with a Treasury source describing the meeting as “a kick up the backside”.