The Chancellor’s opening gambit got straight to the point yesterday, saying his Budget “unashamedly backs business.” The CBI, a business organisation which represents some 240,000 businesses, welcomed the news.

John Cridland, CBI Director-General said: “The Chancellor has painted a clearer vision of how the UK will earn its living in the future and, by seizing the opportunity to make sure our corporate tax system is more internationally competitive, he has sent a powerful signal to companies to invest, do business and create jobs in the UK.”

The CBI also supported the tax assurances in the North Sea, saying they gave “more certainty” to businesses. However, campaign groups have condemned the ‘greenest government ever’ for introducing policies which leave the environment and green business playing second fiddle to the economy.

Reacting to the Chancellor’s Budget yesterday, Friends of the Earth’s Executive Director Andy Atkins said: “Business leaders are sick of the Chancellor’s Jekyll and Hyde routine on developing a low carbon economy – and other countries are leaving us trailing.

“The few green crumbs of comfort offered by Mr Osborne will be completely swept away by a package of policies that make this a Black Wednesday for the environment.”