He said: “We’re giving businesses the lower taxes they can count on, to grow with confidence, invest with confidence and create jobs with confidence.”

“A new 18% rate of corporation tax – sending out loud and clear the message around the world: Britain is open for business.”

Howard Sears, managing director of the venture capital firm, Astuta, said it was a “frankly barnstorming budget”.

He said: “Confidence among UK businesses is already strong but these latest reductions in corporation tax will supercharge it.

“As well as sending out an important message to UK business owners, the reduction in corporation tax will give them a strong competitive edge and the all-important breathing space to grow.

“Importantly, the corporation tax a country charges is integral to the due diligence companies undertake when deciding where to set up or expand. Again, this will make the UK more attractive as a global business hub.”