The Chancellor plans to “up Britain’s game” on exports and expand the reach of UK Trade and Investment (UKTI).
The government will double lending available to exporters and will reduce interest rates by one third, producing the most competitive export finance in Europe.
George Osborne told MPs:
“This is a Budget for building a resilient economy. If you’re a maker, a doer or a saver: this Budget is for you. It is all part of a long term economic plan – a plan that is delivering security for the people of this country.”
Air passenger duties will be reformed and all long haul flights will have the same lower band B taxes and private jets will pay more.
Currently air passenger tax is higher on flights to Hawaii and the Caribbean than it is to China and the far east. This has produced tension within the Caribbean community.
The Chancellor is also introducing startup support for new air routes with a particular focus on Liverpool and Leeds.
Photo by Steven Conroy