'Mr Osborne has approached a very difficult task in a positive way and delivered a budget that will start to reduce the deficit with the urgency required without stifling the overall economy.'

Commenting on fuel duty, Mr Lewis said: 'We are disappointed that the government is still committed to staged increases in fuel duty this year and next.

'The Chancellor said he would consider the introduction of some form of fuel price stabiliser, but we will continue to lobby for an essential user rebate.

'We were disappointed not to hear any further details of a potential lorry road user charge as an alternative way of taxing essential road freight movement.'

Speaking on the banking levy, Mr Lewis commented: 'Many companies are already paying extortionately high rates to their lenders and we hope that this banking levy does not indirectly encourage banks to increase these costs even further.'

Commenting on the VAT rise, he said: 'This widely anticipated increase will accentuate the VAT benefits of leasing company cars, because companies purchasing cars cannot claim back any of the VAT on purchase where there is any element of private use.

'Backed up by our research which suggested that 70% of company car mileage is business-related, we recently called on HM Revenue and Customs to increase this 50% VAT recovery rate. With VAT due to rise to 20% from next January, this is now more relevant than ever.

'The 20% VAT will affect car rental rates. The Chancellor announced support for the UK tourism industry in his emergency Budget, and we will be lobbying for a special VAT rate for leisure car rentals, in recognition of this sector's vital part in the UK's tourism infrastructure.'

On the subject of capital allowances, Mr Lewis said: 'The reduction in capital allowances may have a marginal impact on headline lease rates, which could be offset by the staged reductions in the rate of Corporation Tax.

'The reduced allowances will make leasing even more attractive as companies purchasing vehicles will have the administrative and financial burden of carrying these depreciating assets on their balance sheets.'

Speaking of NI incentives for job creation, he stated: 'We don't see why this incentive is limited to new businesses and couldn't be made available to any employers creating a net increase in jobs'

Finally on spending cuts, he said: 'Considering that the vast majority of all journeys involving people or goods are still made by road, it is vital that the government explores taking a value-for-money approach when considering whether to axe transport projects. There will be many projects where a relatively small investment may pay big dividends, for example in reducing congestion and helping to move the UK economy forward.'