THE Budget could 'revitalise the housebuilding industry', according to a partner of an accountancy firm with an office in Okehampton.

Among the measures announced by Chancellor George Osborne are the freezing of petrol duty rises, a cut in corporation tax to 20% in 2015, cancelling future automatic beer duty rises and measures to boost the housing market.

Jean-Paul Quertier, a partner of Simpkins Edwards Chartered Accountants, said: 'Of particular pertinence to aspiring homeowners in the South West region will be the surprise introduction of 20% loans for housebuyers, providing they can find a 5% deposit themselves.

'It could help to revitalise the housebuilding industry as more people are able to upsize from their existing homes as well as getting onto the housing ladder for the first time.

'With a large number of new-build housing schemes already in place in the region, this move could help accelerate the development and sales of existing schemes and encourage more investment in new ones.

'Another surprise announcement was the "employment allowance", which will reduce every business's National Insurance contributions by up to £2,000. We await with interest further details from the Government on how this will work in practice.

'A welcome, if expected, move was to bring forward raising the income tax threshold to £10,000 from April 2014. In a region where wages are not typically high compared to other parts of the country, we anticipate many people will feel a real benefit.'