"Training was an area we were looking for some kind of commitment on. We were hoping they would adopt the tax credit model," said BPIF head of corporate and external affairs Cicely Brown.

The decision to give automatic relief for VAT on bad debts was seen as positive, but the BPIF warned: "This initiative makes it less dangerous to take on questionable work but we do not want to encourage firms who will be unable to pay their bills."