THE CBI has praised a balanced Budget which it claims looks beyond short-term political concerns to the genuine long-term needs of UK business.

Nigel Bourne, South East regional director, said: "This is a measured Budget which has been crafted to ensure that economic stability is maintained.

"The Chancellor has avoided the temptation of pre-election risk taking, targeting help only where it is needed most.

"The impact of globalization is a daily reality for those in business and it is a relief that its importance is finally being recognised by everyone.

"The threat posed by emerging markets is real and will transform radically the way business is done over the next few years.

"The Chancellor has shown that he recognises we must be ready to meet the challenges head-on and government help is vital.

"I applaud the deregulation measures outlined. This must be at the heart of the UK's battle to be competitive. Both the Hampton Report and the Better Regulation Task Force Report contain practical ways forward that look workable, but the delivery of change will be the acid test.

"Business will be heartened that for the first time increases in public spending will be tied to the achievement of specific reforms in specific departments. Employees of the government and local authorities must sign up to these reforms."