IBEC - Business leaders generally happy with budget

The employer's confederation, IBEC, has given the budget an initial welcome.

IBEC's Turlough O'Connor says business leaders will generally be happy with the budget. He particularly welcomed the cut in PRSI, which gives £280m back to the enterprise sector. He also said the reduction of corporation tax to 4% was "excellent news".

However, ISME, the body which represents small and medium businesses said there was little in the budget to celebrate.

"There is no great incentive for small or medium enterprises to employ more people," said Noel O'Sullivan of ISME.

"We would have liked to see PRSI drop more and there is no cap on it, which we would have liked. The rise in VAT and duty on fuel also adds to the cost of running a business."