Mike Cherry, national chairman at the Federation of Small Businesses, said:?The doubling of export finance is vital as we need to reach new markets in the wake of the Brexit decision. ?But there will need to be stronger fiscal interventions to boost the economy next year, with the prospect of weaker longer-term growth looming. Small firms want to grow, export, innovate, recruit and be more productive – and they need to know as soon as possible the framework they will operate in.
Terry Scuoler, chief executive of the manufacturers? organisation, said:?Business was looking for reassurance from the Chancellor at a time of considerable uncertainty and he has helped calm nerves with the right level of pre-Brexit tonic. ?He is walking a fiscal tightrope but his pragmatic statement provides enough stimulus in key areas vital to improving productivity, whilst holding back some fiscal firepower if, as the OBR suggests, the economy stutters. ?The Chancellor has also provided industry with a down payment on a modern industrial strategy. The doubling of support for exports should grease the wheels for business in growing markets abroad. ?A commitment to keep pushing on these priorities, whilst addressing past under-investment in infrastructure, will send out the right message to businesses here, and overseas, that Britain really is open for business post Brexit.?
Clive Lewis, ICAEW head of enterprise, said:
?Government has set a high target and exports are key to UK economic growth. With Brexit negotiations beginning next year, companies need to have as many resources available to ensure that they can take advantage of the global opportunities presented.
?Although extra funding has been promised, it is disappointing that export vouchers which will help businesses in the initial set up process, were not included in the Chancellor?s speech.?Image: Shutterstock
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