David Raistrick, UK manufacturing industry leader at Deloitte, said: “I welcome the fact that the manufacturing sector has been openly recognised for its valuable contribution to the economy and particularly exports, in the Chancellor’s Budget today.
“This has been one of the most supportive budgets for manufacturing for some years which will give the sector more confidence to invest and focus on growth.
“Increased R&D tax credits will encourage the sector to diversify and advance into low carbon manufacturing, going some way to helping the Government meet its ambition for the UK to be a global leader in the low carbon field.
“Increasing capital allowances for short life assets is another boost to investment in the sector whilst the cut in fuel duty was as welcome as it was surprising. The manufacturing sector has been ardent in expressing the view that the Government must simplify the tax system and it seems they have listened.
“This isn’t a panacea for the industry which still faces an incredibly challenging year or two, but it is a positive step and will provide reassurance that concerns are being addressed.”