CBI Director-General, John Cridland, said:
"The CBI has been crying out for real action on infrastructure, investment and exports.
"£5 billion on near-term infrastructure, like the tube to Battersea, half a billion a year tax relief for small firms, and £1.5 billion extra export support should boost investment and create jobs.
"The Government now has everything to prove by delivering. Businesses need to see the Chancellor’s words translated into building sites on the ground.
"It is no surprise that after a difficult year the economic realities dictate that austerity and debt reduction will take longer.
"The Chancellor has stuck to his guns on deficit reduction – avoiding deeper cuts or more borrowing in order to retain international credibility."