How did the industry respond to 'rewarding work' Budget?

Fund managers and economists digest the announcements made in yesterday's Budget:

Toby Nangle, head of multi-asset allocation at Threadneedle: "As we expected, the Budget contained a plethora of micro-measures, with one or two headline grabbing measures. The acceleration in the reduction of corporate tax rates was the most welcome positive surprise for us. "The reduction of the highest rate of personal income tax from 50% to 45% from April 2013 has the potential to be revenue negative in the 2012-13 tax year, although it may play to the Chancellor's political narrative. The postponement of the cut will create the incentive to defer income until 2013, leading to a di...