Businesses in Kent have welcomed the news that there are to be reforms to the business rates.

Chancellor George Osborne announced that there was to be a review of the system, saying the current arrangements were in dire need of reform.

In his last budget speech ahead of the election, Mr Osborne said the government's economic plan was working and leading to growth and jobs.

Bill Fox, Kent and Medway Regional Chairman, Federation of Small Businesses, said: “Our members will be encouraged by some of today’s announcements.

"The review into business rates is long overdue. When complete, it must deliver tangible benefits to businesses and not end up as just another report that sits on the shelf."

He added that the ending of annual business returns was also good news.

“We are especially pleased that the idea for a single digital tax account is being taken forward.

"This is something we have long advocated – featuring prominently in our 2015 Business Manifesto. This should reduce the time businesses take to complete their tax returns, and offers opportunities to deliver targeted support. The abolition of Class 2 National Insurance contributions for the self-employed is also a welcome step."

Outlining his budget to MPs with just weeks before an election, the Chancellor said: "Britain is walking tall again." The UK was seeing lower levels of unemployment and more people in jobs.

Voters had a choice over whether to return to the chaos of the past or continue with the government's economic programme.

He said he wanted the UK to be the most prosperous economy in the world.

'Living standards will be higher in 2015 than in 2010,' he said. He also told the Commons that the government debt target had been reached. "The hard work and sacrifice of the British people has paid off."

In reply, the Labour leader Ed Miliband said the government was planning to cut millions from public services and criticised the failure of the Chancellor to refer to the NHS.

"It's a Budget people won't believe from a Chancellor they don't trust," he said.

KEY ANNOUNCEMENTS:

• Five million Pensioners to be given freedom to sell annuities
• Death of the annual tax business return
• Reform of business rates
• Cancellation of fuel duty increase confirmed
• Beer duty to be cut by 1p on a pint.Cider duty to be cut by 2%, and Scotch whisky duty by 2%
• Consultation on tax help for local newspapers
• Raise tax-free personal allowance to £11,000 in 2017/18
• Mr Osborne also confirmed the widely-trailed design of the new £1 coin.

The cut in beer duty was welcomed by the boss of Kent brewers Shepherd Neame, Jonathan Neame.

He said: “A third successive cut in beer duty is a fantastic result for the entire industry. It will help stimulate further jobs, investment and growth in a sector that is quick to respond to economic stimuli. It is our hope that whichever party is in government after the election, they continue to recognise beer and pubs’ contribution to the UK.”

It was confirmed that pensioners will be given the chance to cash in annuities as part of George Osborne's pre-election budget.

The budget is also likely to see the government scale back the size of planned spending cuts and there are expected to be plans for a "Google" tax to target multinational companies who move profits to low tax countries.

Some budget proposals have already been announced:

• The Chancellor has already revealed a 20p increase in the national minimum wage to £6.70, with the minimum wages for apprentices rising57p to £3.30, an increase of 20% - the biggest ever rise
• Review of business rates announced on Monday, due to report back in time for Budget 2016.