Total receipts for 2022/23 hit £786.6 billion.

Insolvencies are higher than pre-pandemic levels.

37% of firms reported a 10% increase in operating costs.

Economic outlook “brighter than expected”, despite slow progress.

Interest rates will ease when inflation is under control.

IoD report suggests UK economy grew strongly.

Late payment rates at highest level since 2008.

Around 370,000 firms will pay more from April.

The decision follows an unexpected rise in inflation in February.