By Claire West

James Caan, the star of BBC TV’s ’Dragons’ Den’, gave Chancellor George Osborne’s spending cuts the thumbs up today.

“Nobody likes to see spending cuts but the Government has to make savings just as every businessman has to. Reducing costs is crucial and should always be looked at - in good and bad times. I believe the economy will grow and our businesses will be fitter, leaner and able to capitalize when it does,“ said Mr Caan.

Unveiling his Spending Review in the Commons this afternoon Mr Osborne cut an average of 20% from the budgets of Whitehall departments - £83bn in total. It had been projected that he would have to cut unprotected departments by 25%.

Mr Caan also applauded the Chancellors decision to protect investment in Britain’s infrastructure which he said ’is vital for our business health’.

The Chancellor announced that £30 billion would be spent on transport projects over the next four years. This includes £14bn on new rail maintenance projects.

“By cutting business rates and supporting new green business the Chancellor is trying to encourage the economy to grow. I also support the addition of 75,000 more adult apprenticeships,“ said Mr Caan.

The extra £7bn cuts to welfare means the overall cuts will be 19% over the next 4 years, ie. less than the 25% departmental cuts initially expected.