"Today's Budget is about reforming the nation's economy, so that we have enduring growth and jobs in the future.

"And it's about doing what we can to help families with the cost of living and the high oil price."

Mr Osborne had the tricky task of delivering a fiscally neutral budget that balanced any giveaways with tax raising measures. The result was a raft of measures providing wide ranging benefits for small businesses and entrepreneurs but the wider economic picture was less upbeat.

In an announcement, which was seized upon the opposition as a sign of a flagging economic recovery, the Chancellor revealed that Britain's economy would grow at a slower rate than previously expected this year. The independent Office for Budgetary Responsibility cut its growth forecast for 2011 from 2.1% to 1.7% due to higher inflation and the surprise contraction in the economy at the end of last year. Mr Osborne continued to insist that the Q4 contraction was due in part to the severe weather experienced, however he predicted the economy to grow at 2.5% in 2012 and 2.9% in 2013.

Whilst most headlines will focus on changes to fuel duty, personal tax allowances and the wider economic picture it was the extent of the assistance for small business which surprised many but left others asking why the Chancellor had not seized the opportunity to do more.

Amongst the critics of the budget is Mark Littlewood, Director General of the Institute of Economic Affairs who says thats,
"as a budget that was intended to be about encouraging growth, this is a disappointment. Even on the areas where the Chancellor is doing the right things, his reforms are tiny. He committed himself to simplifying tax rules, but has only eliminated 100 pages from our 10,000 page tax rulebook and has added many more. He stated a desire to relieve business from the burden of regulation. But even on his own numbers, the burden is only being decreased by 0.4%. That's not a slashing of red tape. It's barely even a trim.
The 2% reduction in corporation tax is a welcome step. As is the change to income tax thresholds. But these are small crumbs of comfort – what the country really needs is much lower taxes across all areas and much less regulation."

For others however the announcements came as a welcome surprise and added validity to earlier government claims that this was indeed a pro-enterprise budget. In particular entrepreneurs and smaller businesses stand to benefit from a series of major changes including tax incentives from the expansion and enhancing the reliefs on enterprise zones, a reductions in red tape, greater tax relief through EIS schemes for business angels, more flexibility in planning and improved R&D benefits for small businesses and a major increase in entrepreneurs' relief.

Charlie Mullins, founder of Pimlico Plumbers described how, "this was a budget of petrol, potholes and private enterprise that puts small and medium sized businesses at the heart of the recovery. It has placed tools in the hands of entrepreneurs to start and grow businesses. Business owners have listen to George Osborne's starter's pistol and start the marathon towards private sector-led economic growth. Taking the first steps to merge Income Tax and National Insurance demonstrates that red tape can be cut, which may put some of the pencil pushers out of work, but will keep the rest of us in business."

In a series of Budget Day Overviews- Entrepreneur Country examines the impact of the budget announcements on small businesses and entrepreneurs.

Business:

Mortgages:

Transport: Small Relief For Motorists but a Token Sting on Corporate Jets

Education: Support for Technical Colleges and Apprenticeships