Osborne announces raft of measures to boost exporting
Export finance lending, a single rate of tax for long haul flights and new routes from regional airports among announcements in chancellor’s fifth Budget
Osborne pledged to deliver the most competitive export finance in Europe by doubling export finance lending to £3bn and cutting interest rates on the finance by a third.
Air Passenger Duty will also be reformed to ensure all long haul flights carry the same, lower tax rate that businesses pay to fly to the US, which he promised will boost trade with China and India among others.
Financial support for new flight routes from regional airports such as Liverpool, Leeds and Inverness will also create better links to global customers, Osborne stated.
Stating that the UK has “20 years of catching up to do”, the chancellor said his measures would enable “our businesses to export more, build more, invest more and manufacture more”.
He once again committed to expanding the provision of advice and access to overseas markets offered by UKTI. The government will “double the funding and ambition of UKTI’s Global Entrepreneur Programme”, the report said.
The financial services sector will also benefit from export promotion and inward investment, although further details of precisely what this will mean were not provided.
Osborne pointed to export growth and progress made in emerging economies Brazil, India and China, which have risen at a faster rate than the UK’s chief competitors – albeit from a lower base.
“I want the message to go out that we are backing our exporters – so that wherever you are around the world you can’t fail to see: Made in Britain,” said Osborne.