The emergency budget unveiled by the UK government on Tuesday was unashamedly pro-business, giving British businesses everything they could have wanted. While the headlines have focused on the drastic cuts to public spending that the budget outlined, a more subtle trend was the way in which the tax burden has shifted from companies to individuals.

The key area affecting most businesses was the reduction in the main rate of corporation tax to 27 percent this year and then by a further 1 percent a year to 24 percent in 2013. This was accompanies by a cut to the small companies corporation tax rate to 20 percent. This was more generous than the 3 percent reduction to 27 percent that most were expecting.

The Confederation of British Industry (CBI), the largest industry lobbying group in the UK, last night called for stringent curbs on public sector pay as well as new tax cuts for companies. The call came in speeches at the group's annual dinner which was attended by new Chancellor, George Osborne.

Details are finally starting to emerge about the new UK coalition government's business and fiscal policies. CFOs are watching closely in two key areas: taxation and banking. But disagreement between the two coalition partners remains, leaving key areas of uncertainty.

On corporation tax, a planned 3 percent reduction in the main and smaller rates announced by incoming Chancellor George Osborne is planned to go ahead in the upcoming emergency budget. The main rate of 30 percent applies to companies with annual profits of over £1.5 million. The smaller rate of 20 percent applies to those with profits below that threshold.  The plan was to fund this through scrapping certain reliefs and allowances. However the new business secretary Vince Cable (from the junior coalition partner the Liberal Democrats) said in interviews over the weekend that his side had not agreed to either the cuts or the allowance changes.