Business groups and analysts say owner-managed businesses will receive a boost from measures outlined in yesterday’s Budget.

Chancellor George Osborne spoke for an hour during his speech, outlining the government’s successes in the economy and presenting new measures.

Businesses welcomed the Tories’ continued emphasis on drawing down the deficit and, ultimately, paying off the UK’s £1.4 trillion debt pile.

But they also applauded micro-measures to support small businesses, including investment in broadband, a review of business rates of high street shops and changes to support regional entrepreneurs.

“The smallest of UK businesses will be charmed by Mr Osborne’s Budget announcements,” said Ton Leahy at the Bank of Cyprus UK.

“Plans including simplifying the current tax return system, reviewing the outmoded system of setting business rates and investing more in faster broadband are vital to save time and resource for small firms.

“Findings from our upcoming owner managed business barometer revealed that 33% of businesses want the next government to prioritise faster internet speeds and 30% want to see business rate reform.

He added: “These businesses will therefore be pleased to see that clearing obstacles and red tape for small firms is high on the chancellor’s agenda.”

CBI director general John Cridland, said “stability and consistency was the right approach, adding: “We need business to boom in all corners of the UK and innovative policies to support our regional entrepreneurs.

“New city deals, enterprise zones and a dedicated Northern transport strategy will help to secure job creation and investment across the country.

“The ability for some areas to retain 100% of additional business rate revenue will better link businesses with their communities, but we need to go further on reform.

“The current business rates system is clunky, outdated and holds back the high street.”

Steve Childs, head of SME International at Barclays said growing businesses would applauded additional support for businesses trading overseas: “We’re pleased to see additional support for businesses thinking about exporting to China, with the government’s announcement to double resources available to UKTI.

“Although China’s economy has seen a recent slowdown in growth, consumer demand is still high and so the nation still offers long-term opportunities for businesses looking to export their goods and services, provided the right guidance and support are in place.”