– Institute of Directors
We applaud this budget. The Chancellor has stuck to his guns and held his nerve - which is exactly what we wanted to see. Deficit reduction is not an optional policy, it is an absolute necessity, and he is right to reject the siren calls to abandon it.
Businesses will be glad that George Osborne has also continued the downward pressure on Corporation Tax. Britain must become the most competitive place to do business, and lower taxes will attract welcome investment from abroad.
Around 450,000 small businesses - a third of all employers - will pay no employer National Insurance next year and corporation tax will be cut by 1% by 2015, George Osborne has announced.