Plans under today’s UK Budget to promote growth have been largely positive for entrepreneurs, small businesses as well as corporations, and were welcomed by the private equity community.

Nick Gardner, a lawyer at Ashurst, said: "Everyone will be encouraged to see a focus on stimulating investment and growth in the economy and a reduction in corporation tax and the top rate of income tax. The absence of further measures to restrict the deductibility of interest on shareholder debt will also be welcomed."