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Employers have given a cautious welcome to the Budget following yesterday's announcement of government spending plans by chancellor Alistair Darling.

The Chartered Institute of Personnel and Development (CIPD) said that additional resource to skills building and some of the efforts to cut back on red tape could be good news for business, meaning more jobs.

CIPD public policy adviser, Gerwyn Davies, said the organisation welcomed the "breathing space that today’s announcement offers to our members, who have had to contend with streams of employment legislation and initiatives in recent years – albeit many of them well received and positive for the workplace".

"All efforts now need to be directed towards optimising organisational performance and minimising redundancies so that organisations are well placed to capitalise on any recovery in economic performance."

The Confederation of British Industry was also broadly supportive, particularly for the skills package which will see an additional £60 million made available for adult skills.

"The focus must be on developing the economically valuable skills the UK needs to compete – today’s announcement of additional funding for intermediate skills and adult apprenticeships is welcome, as employers’ skills needs are often at these higher levels," said director-general Richard Lambert.

There was, though, some less encouraging news for student job-seekers – when spending their hard earned cash it may need to go further as the cost of cigarettes and alcohol have both gone up.