CHANCELLOR George Osborne said “Britain is walking tall again” as he delivered his budget last week, and his announcements were welcomed by many in the Cotswolds.

Farmers celebrated the news they can now average their profits over five years instead of two, meaning that the income tax they pay will not be affected by volatile markets.

While those who like a drink were pleased the price of beer will drop a penny and the duty on cider will decrease by 2 per cent.

Simon Nuttall, of McGills Chartered Accountants in Cirencester, said: “For people around here the changes that allow farmers to average their incomes over five years for tax purposes are very important, helping them even out peaks and troughs by paying more evenly – this is a rural place so it’s important to a lot of people.

“I’m also pleased about beer duty; we work with a lot of craft brewers in and around Cirencester so that will really help them.”

By 2017 the first £11,000 of workers' wages will not be taxed, up from £10,000 now.

While those planning to buy their first home can start a Help to Buy ISA with the potential of receiving 25 per cent from the government on top of the amount they save, up to a hand-out limit of £3,000.

Christian Slade, of CBSlade (corr) estate agents, said: “Anything that helps people save their deposit for their first home is a nice idea and the Help to Buy ISA appears to do just that.”

Cirencester resident John Harris, 62, said: “It seems like George Osborne is taking the economy in the right direction."