2014 Budget - A huge boost for UK manufacturing and jobs

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20 March 2014


The Chancellor's doubling of export finance and related interest rate cut in the Budget will provide a "huge boost for UK manufacturing and jobs", the chairman of a specialist recruitment company said today.

Peter Schofield, chairman of Derby-based Ford & Stanley, said that George Osborne had created a "more level playing field" with Europe which will help manufacturing thrive and create jobs.

He said: "The real drive for UK manufacturing is based upon our ability to export - the more we can export, the more demand there is to manufacture here in the UK, which of course in turn increases job creation.  

"The budget has created a more level playing field for UK manufacturers by giving them access to export finance at rates that mean we are no longer penalised when compared to European competitors. That will impact on people in the UK wherever they happen to be on the pay scale."  

He added: "It's a shame that so much fuss has been made on the 'cheap beer and bingo' angle, because this budget has so much good news. More exports means more manufacturing, which, ultimately means more jobs that lead to people in Britain having more money to spend. This is a great budget for Brand Britain."

Mr Schofield said the measures are also liked to give "further momentum to the reshoring of British manufacturing" as companies who looked abroad for cheaper manufacturing seek to re-establish production in the UK.

For a glimpse of The Budget 2014, click here.

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