John Cridland, director-general of the Confederation of British Industry (CBI), said in response to the Budget:

“This Budget will help businesses grow and create jobs. The chancellor has made clear the UK is open for business.

“The extra 1p cut in corporation tax will help firms increase investment. Meanwhile, significant changes to entrepreneurs’ taxation will rightly focus much-needed support on businesses with growth potential.

“Reductions in regulations on businesses and the promise of a faster planning system will provide relief to companies trying to take on staff and invest.

“Support for manufacturers through the climate change agreements will help them manage energy costs, which is particularly important given that the government is pushing ahead with a carbon price floor.

“Businesses and consumers will benefit from reduced fuel taxes, but the increased tax on North Sea oil and gas could be counterproductive, and will create uncertainty for future investment.”