Paul Raynes, director of policy at manufacturers' organisation the EEF, said: "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 £1 trillion export ambitions and help cement a more balanced economic recovery."
Commenting on measures to help the oil and gas sector, the Raynes said: "It is clear that the fall in oil prices has been a mixed blessing for manufacturing with firms exposed to delayed or cancelled investments in oil & gas exploration quickly feeling the effects through lost orders. Today's announcement provides a solid signal from the Chancellor that government stands behind greater levels of activity in this important sector."
Meanwhile, Lee Hopley, chief economist at EEF, welcomed recognition that action was needed on the level of investment allowances: "This will ensure we don't lose any momentum in the business investment recovery by withdrawing extra support through the tax system too soon. We now want to see a long term solution to creating a stable and competitive regime for investment announced later in the year.
"In addition, it is good to see government continue to press ahead with support for world class technologies with new investment in science and innovation infrastructure."
She added: "Further efforts to make the R&D tax credit more accessible for small claimants will also be welcomed. This longstanding relief within the tax system has come to be valued by manufacturers for whom investments in R&D are becoming ever more important for business success. If these changes can bring more companies into the scheme and encourage higher levels of investment in innovation, that can only be good for UK plc in the long run."
However, Surface Generation, an SME composite manufacturer based in Leicestershire employing 30 people, said the Budget had done nothing to address the biggest issue facing businesses – the lack of skills in the UK workforce.
Chief executive Ben Halford said: "We have just secured £3.1 million of new investment to help maintain our rapid growth. However, the biggest challenge we and many other businesses face is recruiting quality, skilled staff...
"There are not enough skilled engineers in the UK and now 15% of our workforce is made up of people from other countries. The government should relax immigration laws to make it easier to hire the right staff from outside of the EU irrespective of election pressures."
David Keene, CEO of the RDM Group, welcomed the budget announcement of a £100m investment into the development of driverless vehicle technology. "The UK is currently leading the way, but we have to move quickly and ensure we maintain that position by training the best engineers, encouraging innovative collaborations and ensuring we turn the vision into reality."
Paul Everitt, chief executive of aerospace group ADS, said the Budget sets out a clear commitment to encouraging investment and growth within high-value industries, including the aerospace, defence, security and space sectors: "UK industry needs focused, long-term investment in skills, innovation, and exports in order to grow in globally competitive markets: Creating an environment that enables businesses to realise their long-term ambitions will deliver a positive impact on Britain's economy."
