Helen Rana, policy and representation manager at the Sheffield Chamber of Commerce, said in a statement:

“On the surface, the  Budget does not appear to be incredibly helpful to businesses in the Sheffield region, with no major incentives for developing businesses.

“The Chamber welcomes the reduction of main rate corporation tax to 28 per cent, but feels that it needs to be reduced further still. There was no change to the small company Corporation Tax increase proposals, which is disappointing and does little to encourage entrepreneurialism.

“The Chancellor made comments on tax simplification for SMEs, but we await details and measures of what this will actually mean.

“The 60 per cent increase to the small firms loan guarantee scheme is good news, but it can only be accessed by a small number of businesses.

“The £12.5m capital fund introduced to encourage women entrepreneurs is a welcome step - agencies such the Chamber’s Inspiring Women Group will particularly welcome the fund.

“The Chamber was encouraged by the Chancellor’s promise to continue consulting with businesses in policy-making decisions, responding to business needs – but this needs to be actioned.

“The Chamber’s successful lobby against the proposed fuel duty rise of 2p due for April this year saw it delayed for six months and will now be in place for October 1. Despite this initial success, Chamber members must continue to lobby against the rise and pressure the Chancellor into scrapping the duty rise completely.

“The Chancellor has pledged an extra £60m to encourage adults to re-enter the labour market through skills and apprenticeships schemes, which is a very positive step.

“The Chamber is working hard to strengthen the links between business and education and supports the extra funds made available to schools, especially in the area of science and innovation.

“More radical steps are being considered by the government for transport, with road pricing technology due to be tested. The Chamber will keep a close eye on this development and ensure that the views of businesses are heard on this issue.

“The government’s climate change agenda will provide many opportunities for the creation and development of new businesses.