Budget 2013: The multinational chief‘s view

"It was about as good as could be expected. Abolishing the fuel duty escalator – that’s good news. And abolishing stamp duty on Aim-listed shares would be quite helpful as well, as is the move towards a competitive tax system. The cut in corporation tax begs the question of whether they think it will help reduce tax avoidance. You could argue it makes it more expensive to avoid tax. It’s now come to the stage where companies make judgements as to whether it’s worth it.

If you’re less aggressive with avoiding tax, there will now be less difficulty in competing with those that do avoid tax. The Budget looked good for SMEs, too."

SIR MARTIN SORREL, CHIEF EXECUTIVE OF WPP GROUP