A no deal Brexit could see an even bigger giveaway than that seen in the Autumn Budget, according to a leading business figure in Cumbria.

While Graham Lamont, chief executive of Lamont Pridmore, remains confident a free trade deal will be done with the European Union, any emergency no-deal budget in the Spring could be a good thing for businesses and communities.

Chancellor Philip Hammond has warned before he delivered the Autumn Budget, that no deal scenario would require "a new Budget that set out a different strategy for the future".

Committing extra funding to Government departments to help deliver Brexit, and remaining steadfast on the need to retain “fiscal headroom”, he also said that the Spring Statement could be upgraded to a full budget if the “economic outlook” changes.

For Mr Lamont, the suggestion was a “a bit of posturing” and yet another bargaining chip being thrown in the table as the deadline for the UK to leave the EU looms.

“From an economic point of view, Government spending keeps the engine of the economy going, and this was a sensible budget to do just that,” he said.

“If we did get a no deal Brexit, I think there will be an even bigger giveaway with more money to keep the engine going. I thought the budget was quite good – it felt like a bit of a giveaway. He had a surplus to deliver a balanced budget but chose not to.”

There was certainly a huge amount packed in the budget designed to help businesses and stimulate investment, with austerity nearing an end, according to Mr Hammond.

Raising the Annual Investment Allowance (AIA) from £200,000 to £1 million for the next two years, was arguable the biggest for businesses, said Mr Lamont, who added that money for the NHS, social care, Universal Credit and pot holes, all added up to a Budget appealing to the wider community.

“The AIA increase is needed to help stimulate investment in the economy,” he said.

“We have a number of clients going ahead with major development so the increase to AIA will be really helpful for them. Generally, the research and development and tax relief announcements will all help the engine of the economy, while the increase in tax allowance and investment in Universal Credit will put more money in people’s pockets.”

However, he was less sold on pledges to help reinvigorate the high street, with huge cuts to business rates for small retailers, and a new fund to help improve town and city centres.

“Online shopping is the problem for the high street, so it felt like a bit of a sticking plaster,” he said.

“It may help to keep some retailers going a wee bit longer, but I’m not sure it is enough. If the big boys, such as Debenhams, are struggling with all their buying power, then the poor local retailers with less spending power, will struggle more.”

The budget contained good and disappointing news for Cumbria. An extra £1bn was pledged to, in part, help keep the Dreadnought submarine programme being delivered in Barrow on course. But there was some frustration that no money was committed to the Borderlands Inclusive Growth Deal, with Mr Hammond saying negotiations were on-going.

More widely, there was extra funding for R&D investment, an extension to start-up loans and £200m extra to the British Business Bank to replace access to the European Investment Fund “if needed”.

A new £1.6bn investment fund will be created to support activities linked to the Government’s “modern” Industrial Strategy while £38bn will be ploughed in to the National Productivity Investment Fund by 2023-24.

And the apprenticeship levy was halved for smaller firms in a bid to boost numbers in a bid to boost take-up – something which professor Andrew Gale, director of industrial strategy at the University of Cumbria, believes needs to happen to address the drop seen in apprenticeship starts in the past year.

For Prof Gale, the Autumn Budget seemed “mainly about creating the impression of an apparent end to austerity”.

“Other than demonstrating a shift in priorities it is unclear what the compelling strategy is,” he said.

“Everything is contingent on a smooth Brexit.”

He welcomed spending on defence and the positive impact it could have on jobs in the county, and said funding for housing and roads may also help stimulate investment. Time will tell if the pledges of support for the Northern Powerhouse projects, including rail improvements mainly focuses south of the Pennines, would benefit Cumbria.

“Support, from the chancellor, for nuclear power was not expected, but it would have been a welcome game changer for the region,” he said, referring to the growing uncertainty surrounding the Moorside project in West Cumbria.

“There are some opportunities for Cumbria and the region, if a strong united voice is heard by Government, but as we know upskilling, attracting skills to the region and driving up aspiration to train for higher skills are all crucial.”

Prof Gale said more money for schools, to pay for the “little extras” was not significant enough, and wanted more detail on the “rather vague” announcements about ten new university enterprise zones and scholarships to attract overseas students to the UK.

Despite all of the pledges, however, there is still an elephant in the room for Prof Gale.

“The very big question is though, will the outcome of Brexit allow Britain to move away from austerity,” he added.

And for Mr Lamont, there is suspicion – rubbished by Theresa May in the immediate aftermath – that the giveaway nature of the Autumn Budget had another motive.

“It sounded like an election budget to me,” he said.

“It is the first time I have seen him (Mr Hammond) be quite political, with quite a few knocks to Labour. Saying that, I can’t see Theresa May leading the Conservatives in the next election.”