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Businesses welcome Chancellor's announcements

Businesses have broadly welcomed the announcements in the Budget aimed at their sector. Measures included cutting energy costs, and doubling investment in a lending scheme aimed at boosting exports.

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Budget reforms to reduce energy costs for business

The Chancellor announced a package of reforms to "radically reduce" energy costs for businesses, especially manufacturing, pledging savings of up to £7 billion by 2018/19 for industry as well as households.

George Osborne said the move will particularly benefit the most energy intensive manufacturers, around 80% of which are based in the North of England, Scotland and Wales.

Measures will include capping the carbon price floor (CPF), which sets rising amounts for the carbon tax paid by electricity generators.

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