After months of conflict that plunged relations between New Labour and business to a low, corporate Britain on Wednesday accorded Alistair Darling’s first Budget one cheer – simply for announcing no new initiatives damaging to competitiveness and toning down the most contentious measures trailed in the pre-Budget report.

In the wake of the row over changes to the taxation of non-domiciles and to capital gains tax, there was also praise for an enterprise package which some saw as reaching out to business.