Tony Attard, Chair of the Institute of Directors North West and Chief Executive of Burnley-based manufacturer Panaz Limited, said: “As both an entrepreneur investor, chairman of a construction company and CEO of a North West manufacturer, I thought that the Budget promoted growth encouraged exports and helped the re-shoring of manufacturing. I am sure that it will be welcomed across the North West business community.

“The increase in capital investment allowance from £250,000 to £500,000 will be a great incentive for business to invest in new equipment and technology, and the reduction in carbon tax to reduce energy costs further helps manufacturing.

“Incentives to invest in new companies with an extension to the SEED investment scheme is welcome, as well as research and development tax credit increases. Incentives to take on more apprentices and tax breaks for the under 21s will also help employers wishing to take on more young people.”