GEORGE Osborne received a boost today when Darlington-based Dragons' Den star Duncan Bannatyne - a long-standing ally of Gordon Brown - backed his Budget.

The entrepreneur said the financial package had convinced him Mr Osborne was "serious about growth and enterprise".

The intervention, by a high-profile businessman who has donated to Labour in the past, could be embarrassing for party leader Ed Miliband.

Mr Bannatyne was recruited as Mr Brown's 'seaside tsar' during the general election campaign, and was previously reported dismissing Mr Osborne as "as useful as an ashtray on a motorbike".

However, in a statement today he said: "I support George Osborne's Budget.

"A sustainable recovery, across all sectors and all regions will only be driven by private sector investment, enterprise and innovation.

"This Budget set out measures to increase the competitiveness of the UK tax system as well as reducing the burden of regulation and and increasing incentives for business investment.

"This Budget has convinced me that George Osborne is serious about growth and enterprise."

He also expressed delight that one of the Government's enterprise zones was being sited in Teesside.

A spokesman said Mr Bannatyne had decided to speak out after being impressed by the coalition's performance since the election.