Equipped with the famous red box, Chancellor of the Exchequer George Osborne announced his annual budget proposals on Wednesday morning.

After highlighting positive facts such as the UK having the fastest growing economy out of the G7 members, Mr Osborne presented his plans for the Budget 2015.

Proposals to permanently raise investment allowance, simplify the tax system and review business rates have been particularly welcomed by the Federation of Small Businesses (FSB).

Here are the responses to different proposals from FSB National Chairman John Allan:

Business rates review

“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.”

Setting the Annual Investment Allowance

“Finally committing to set the Annual Investment Allowance at an appropriate level at the Autumn Statement will provide the certainty needed for businesses to plan and invest – something badly needed if the UK is to raise its productivity.”

Business tax reforms

“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.

“Implemented properly, 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.”

Improving infrastructure

“There were some helpful measures to help with getting connected. The extension of the superfast connection vouchers will help small businesses in more urban areas.

“We look forward to reviewing the details of the new digital communications infrastructure strategy. Access to superfast services is a key requirement for small businesses. Delivery of this strategy will be critical to future-proofing the national economy.”

Pubs around the UK have also welcomed the prospect of a reduction in beer duty for the third consecutive year. Mr Osborne, who has been dubbed a “Hat Trick Hero” by Chief Executive of the British Beer and Pub Association Brigid Simmonds, proposed taking a penny off a pint, 2% off spirits and most ciders and a freeze on duty for wine.

Read the Chancellor’s full Budget 2015 announcements to find out more.