Aspects of the Budget that propose a boost to exports, compensation for uncompetitive energy costs, a review of business rates and support for investment and infrastructure have been received positively by industry.
"It is a business friendly Budget with a conservative emphasis on paying down the national debt and developing infrastructure,” commented Philip Law, Director General of the British Plastics Federation.
“Further commitment to a 'northern powerhouse' by developing industry and infrastructure should stimulate a large concentration of plastics industry in the region. The widely anticipated reduction of corporation tax and cancellation of fuel duty is very welcome and exporters to China should benefit from increased funding through UKT&I,” Law added.
Chief Executive of EEF, Terry Scuoler, said: “The Chancellor gets three cheers from manufacturers for the measures he included to boost exporters,” adding that George Osborne’s commitment to a stable and competitive tax regime is supported “wholeheartedly” by the organisation.
“Boosting the UK’s export performance is a national priority and the Chancellor is right to keep the pressure on by providing additional resources to support exporters in overseas markets. This is another step in a longer journey to meet the government’s £1trillion export ambitions and help cement a more balanced economic recovery,” commented Paul Raynes, Director of Policy at EEF.
During the Budget announcement, Osborne reported slightly better than expected growth figures, which suggest the economy will expand by 2.5 percent this year. He also delivered record employment figures, with the jobless rate expected to fall to 5.3 percent in 2015.