John Denham's comments on the business aspects of the Budget:

The amount of output produced per worker - productivity - has been historically lower in the UK than in other major economies. The Labour government's goal is that UK productivity should grow faster than that of its main competitors, closing this productivity gap. This will help to deliver greater economic prosperity and raise living standards in years to come.

In the modern global economy, we need government, individuals and businesses able to respond quickly and adapt rapidly to change.

The UK already had the lowest corporation tax rate in its history, lower than any other major industrialised country. The UK has been rated by the OECD as having the lowest barriers to entrepreneurship of any major economy.

Wednesday's Budget brought in further measures to boost enterprise and skills. There are new proposals to help small firms raise the finance they need to start up, develop and grow. The Chancellor announced reforms to reduce red tape and simplify tax for small business, to help break down the barriers to business success. And he had new proposals to improve the supply of housing and to streamline and simplify planning decisions to support a healthy economy.

In addition, Gordon Brown made available £16 million to fund Enterprise Advisors to work alongside head teachers in deprived schools and give pupils experience of business.

To help the small businesses in which so many people work, there are improved tax incentives to boost research and development and investment in IT by small companies.

This is a good budget for business