Miles Templeman, director-general of the Institute of Directors, said in response to the Budget:

“We welcome the raft of supply side measures announced in the Budget. The combination of reduced corporation tax and planning liberalisation will help to lift business confidence at a difficult time. However, the scale of deregulation in areas that really matter to business in general, such as employment law, is still very limited. And while the 21 new enterprise zones have real potential, we question why the whole of the UK can’t be an enterprise zone.

“This was a Budget aimed at changing perceptions and boosting business confidence about long-term economic prospects in the UK. The chancellor didn’t have much money to play with but he played his hand well.”