Food firms could gain from Budget export boost

“The problems in Europe remind us why Britain needs to expand our links with the faster growing parts of the world,”​ Osborne told a packed House of Commons.

“We’ve made major progress this Parliament. I can report that the trade deficit figures published last week are the best for 15 years.​

“And we will do even more – so today I am again increasing UKTI’s resources to double the support for British exporters to China.”​

The UKTI confirmed it would be getting £7.5M in 2015-2016 to that end. “This investment in UKTI in China will enable a step change in the support we can offer to UK firms looking to operate in China, and those already there,”​ it said in a statement.

“We expect this investment to help contribute towards British firms securing the projected £1.3bn of export opportunities that we have identified next year.”​

‘Step change’​

Trade minister Lord Livingston said: “These initiatives will give UK businesses access to on-the-ground expertise in China and offer greater support in the UK to access the biggest trade opportunities in high-growth markets.​

“We are focussing on key sectors within China providing leadership to best support the 2020 Export Drive and increase UK businesses’ access to trade opportunities around the world.”​

It was good news for farmers, as Osborne announced more support for them. “The fall in food prices is good for families; but it reminds us of the challenge our farmers face from volatile markets,”​ he said.

“The National Farmers Union has long argued they should be allowed to average their incomes for tax purposes over five years; I agree and in this Budget we will make that change.”​