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Rob Whiteman, Chief Executive of the Chartered Institute of Public Finance and Accountancy (CIPFA), said:
“The Chancellor gave two clear messages – one of reassurance to the country, and one to reassure the markets.
“For the markets, there was a message not only of strength in the banking sector to withstand short term volatility but also that the government will do what is necessary later in the year to remain on track with deficit reduction.
“So while public services will breathe a sigh of relief that there is no immediate emergency budget as warned before last Thursday, the message was clear that action will be taken under a new prime minister in the autumn if OBR reports that the economic conditions have worsened the position of our public finances.