Pictured above: Phil Waller

Phil Waller, tax partner at accountants Mazars in Birmingham said he welcomed the Budget, particularly the measures designed to help specifically in the West Midlands.

"Canny business owners in the West Midlands, looking at all the measures together under the direction of their professional advisers, could benefit considerably," he said.

But he cautioned that it appeared to give more help to larger businesses and he questioned just how much benefit SMEs would derive.

"The reductions in Corporation Tax eventually down to 23 per cent over the next few years are to be welcomed but again this will be more help to larger businesses.

"The additional help for the Enterprise Investment Scheme is very welcome as is the increase in the rate of research and development tax credits signalling the possibility of utilising a 225 per cent relief - and the rise in Entrepreneurs' Relief from £5 million to £10 million is an even greater incentive for business owners to build companies, creating not only growth but also jobs."

He said that more detail on the reliefs available in the 21 Enterprise Zones to be created would be required before their full impact could be assessed but welcomed the fact that the West Midlands had been granted two - one in Birmingham/Solihull and one in the Black Country.

"The so-called tax avoidance clampdown was to be expected but it remains to be seen how many of the 43 reliefs he plans to clampdown were actually still in regular use by tax advisers.

"Help for first time buyers has to be good, as are the measures for the construction industry and the simplification of the planning system including a bias in favour of development rather than against.

"The new rules will require planners to prioritise growth and jobs.

"These are all inter-linked and can help kickstart the housing industry and encourage housebuilders to restart their development plans."

He said that considered overall, he regarded it as a good Budget, particularly for the West Midlands.

"Other issues such as £350 million of business regulation to be scrapped and the business rate relief holiday for small firms being extended for another year can all help to increase optimism which is sadly lacking.

"Growth not only comes from opportunity but also from confidence and if small business owners feel more confident this can help fuel the jobs growth we need."