The news was announced during a keynote speech at the Santander SME summit at the Cunard Building in Liverpool yesterday (3 July) - part of the festival’s 50-day programme of more than 300 events.
Osborne said: "When I travel round the world meeting foreign governments and investors I am selling Britain as a brand and events like the International Festival for Business make that job easier. It’s a shop window for global markets and a reminder that we can be proud of the stamp that reads ‘Made in Britain’.
"So I am backing this initiative, committing the funding requested by the Mayor of Liverpool Joe Anderson and Liverpool city council for another festival here in Liverpool in 2016."
Max Steinberg, chair of IFB 2014, added: "I believe the festival is achieving our objectives of shining a light on the spheres of commercial endeavour that are transforming the new economies and business landscapes of Britain and beyond.
"Deals are being done, relationships are being made, visitors have thoroughly enjoyed their experience of the city and organisations are wanting to come back. International participation in this year’s festival has indicated that there will be further interest in coming to the city in 2016 and being part of the continuing worldwide economic recovery."
The event industry has supported the inaugural IFB with a two-day programme (1-2 July) of meetings, events and networking. Representatives from across the business events industry were also treated to a familiarisation tour of Liverpool as part of a collaborative, industry-wide endorsement.
Liverpool Convention Bureau, Liverpool Football Club and the Concerto Group at the Liver Building, provided the hospitality for the delegation, which included the BVEP, ABPCO, HBAA, EVCOM, ISES, MPI and Britain for Events, with more than 90 professionals meeting for the evening reception in the Liver Buildings, hosted by Concerto Group.
ACC Liverpool creating a networking and hospitality hub exclusive to members of the UK events industry.
Speeches from ACC Liverpool chief executive Bob Prattey and Chris Brown, director of Marketing Liverpool, highlighted the importance of a collaborative approach from the events industry to showcase its influence in business and its benefit to destinations.
Michael Foreman, head of external relations for ABPCO, who leads the Event Industry Collaborative Initiatives committee, said: "The International Festival for Business is a classic case of how one event can spur business growth and economic benefit across multiple industries.
"Liverpool proved itself a warm, hospitable and dynamic host and the entire delegation were hugely impressed with the quality of facilities, and dedication from the city. It was really buzzing."
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