Changes to Stamp Duty and the review of Business Rates were the stand-out elements for the timber sector.

“The major review of Business Rates and the announcement of nearly £1bn for small business through Enterprise Capital Funds and the British Business Bank will be great news for many of our SME members,” said David Lennan, Timber Trade Federation (TTF) interim chief executive officer.

John Newcomb, managing director of the Builders Merchants Federation (BMF), agreed that there was “a great deal for SME’s to cheer about”.

“We were pleased to see the chancellor committing to double Small Business Rate Relief for another year, with the promise of a full review, and to cap the annual increase in Business Rates at 2% for the 2015/16 financial year,” he said.

He added, however, that he was disappointed there was no movement on VAT.

“Once again the chancellor missed the opportunity to introduce a reduced 5% rate on all building RMI work, which would have a major impact on releasing pent up consumer demand in this sector.”

The reform of residential property Stamp Duty from midnight on December 4 was also welcomed.

“Stamp Duty changes should help to add fluidity to the market and help people to find some extra reserves to invest in their new home,” said Iain McIlwee, chief executive of the British Woodworking Federation (BWF).

On the construction front, Andrew Carpenter, chief executive of the Structural Timber Association (STA), was pleased to see the government continuing “to support the housing industry through the provision of finance for large scale projects. Also the continuation of initiatives such as the Affordable Homes Programme for another two years is essential to maintain the right housing stock”.

The ending of NI contributions on apprentices under 25 is seen as good news although Mr McIlwee said he was still concerned about the flow of young people into the construction sector.

“The skills shortage is constraining demand so we still need to hear some reassurance that tried and tested methods of supporting employers bringing in new talent into construction will not be compromised by reinventing the wheel to suit other sectors,” he said.

He added that the BWF’s residual concern was that not getting to grips with the deficit perpetuated uncertainty.