By Marcus Leach

The Institute of Directors (IoD) have applauded the way that the Chancellor held his nerve in announcing the 2013 Budget.

Simon Walker, Director General of the Institute of Directors, said that one of the highlights for businesses was the continued commitment to drive down corporation tax.

“We applaud this budget. The Chancellor has stuck to his guns and held his nerve - which is exactly what we wanted to see," Mr Walker said.

"Deficit reduction is not an optional policy, it is an absolute necessity, and he is right to reject the siren calls to abandon it.

“Businesses will be glad that George Osborne has also continued the downward pressure on Corporation Tax. Britain must become the most competitive place to do business, and lower taxes will attract welcome investment from abroad.

“The new allowance to reduce the tax on employing people is a welcome boost for businesses who are working hard to grow. The private sector has done a huge amount to improve the employment figures, and it is right that they are rewarded for doing so. This will see more people helped out of unemployment, which is a very good thing.

“We have long called for a co-ordinated set of policies to encourage the development of a UK shale gas industry. The Chancellor is absolutely right to set attractive conditions for shale exploration - this will create thousands of jobs, and reduce our reliance on expensive foreign imports.”

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