While Osborne described the Budget as creating an "aspiration nation" and focusing on rewarding hard-working employees and job creating industry, many believe he has not gone far enough to create jobs and provide a framework for growth.
The measures outlined in the Budget "do nothing" for the UK's economic prospects, according to the Work Foundation.
Director Ian Brinkley said: "The Budget measures will have no measurable impact on economic prospects. The priority should have been significant new investment in science, technology and innovation and in measures to address youth unemployment, rather than corporation tax cuts."
Osborne announced the creation of an 'employment allowance', which will give every employer in the country £2,000 off national insurance. It will be implemented in April 2014.
He said: "The last Government put a tax on jobs but this Government has announced a tax off jobs.
"This means an employer can hire one worker on £22,000 a year or four workers on minimum wage."
The Work Foundation's Brinkley said: "The employment allowance for new hires is likely to be less wasteful than some past schemes, but will only have a limited impact on the labour market."
Osborne paid tribute to the energy of British business, which has created six private sector jobs to every one public sector job lost. He reduced corporation tax to 21% next year and to 20% in April 2015. According to the Chartered Institute of Personnel and Development, this will only provide a "marginal" incentive for small businesses to create new jobs and help growth.
The announcement that an additional £3 billion funding will be made in infrastructure projects was welcomed by John Wilkinson,managing director of infrastructure service provider May Gurney, who said this extra money will "help create jobs and provide economic regeneration".
However, he questioned the long-term timeframe. "It is critical the funds are translated as rapidly as possible into shovel-ready projects," he said.
One popular measure was bringing forward the increase in the personal tax allowance for income tax to £10,000 to 2014. Osborne also doubled to £10,000 the loans employers can offer tax-free to pay for items like season tickets.
Mark Groom, tax partner at Deloitte, said: "This simple change will make a big difference to many employees. For example, many employers provide employees with low or interest free loans to enable them to buy transport season tickets.
"With the cost of commuting increasing, the loans required are starting to exceed the existing tax free limit. Doubling this to £10,000 will help employees get to work without the additional burden of a taxable benefit in kind arising."
The Chancellor confirmed the introduction of a new-simplified state-pension will be brought forward to 2016.
Joanne Segars, chief executive, NAPF, said: "We strongly welcome proposals for a new, single tier state pension. But the Government has to ensure that the changes are implemented in a way that does not damage company pension schemes. This is a very tight timeframe and we question whether it can be delivered. Schemes need flexibility and time to adapt.
She added: "If the Government gets it wrong then it risks sparking a fresh round of final salary pension closures in the private sector."
Public sector pay increases in 2015-16 will be limited to 1% on average, although the military will be excluded from this in recognition of the good work is has done.
Dean Royles, chief executive of the NHS Employers organisation, said: "Even limited to 1%, the public sector pay increase announced this afternoon will add in the region of £500 million to NHS annual expenditure when applied across all NHS staff. This is the equivalent of around 15,000 new nurses.
"Employers want to do everything they can to support staff and build morale, and I know that pay is a big factor in this, but our biggest priorities must be maintaining and improving quality patient care and staff job security, both of which depend on sustainable pay bills."
Osborne also confirmed Monday's announcement of a new tax-free childcare scheme for working families providing 20% of childcare costs, up to £1,200 per child, so long as both parents are in work and do not receive support through tax credits.
Iain McMath, managing director of childcare voucher provider Sodexo Motivation Solutions, said: "Any money channelled towards struggling working parents to help fund their childcare costs is very welcome. However the chancellor's Budget has delayed this much needed help for a further two years, and raises questions over how substantial an improvement it actually represents.
"For example, an 'average family' with two children – one in school, one in nursery – where both parents earn within the lower tax bracket, will save just over £100 per year under the new changes. As childcare costs continue to rise over the next two years, this saving will diminish further."
