The Federation of Small Businesses (FSB) has welcomed a Budget speech that had few alarms and surprises for the UK’s 4.5 million-strong small business community.

A series of damaging tax rises in the last year have undermined the government’s position with small businesses. John Wright, FSB National Chairman, says: ‘Finally it seems we may have an announcement from the Chancellor that doesn’t spring any nasty surprises on small businesses.

‘The deferral of plans to change income shifting rules, which would have forced tens of thousands of family businesses to create and maintain a massive amount of extra paperwork on individuals' contributions to their business, is welcome news. The plans should now be abandoned permanently.’

Other welcome changes for small businesses include an extension of the funds available through the small firms loan guarantee scheme, which will increase by 60 per cent in the next year.

Look out for our forthcoming guide to what the Budget means for your small business.