Let $U$ denote the event that the person carries an umbrella, and let $C$ denote the event that the morning is cloudy.
Given:
$P(U) = 0.5$, $P(U \mid C) = 0.7$, and $P(C) = 0.5$.
Since the morning is equally likely to be cloudy or not cloudy,
$\therefore P(C^c) = 1 - 0.5 = 0.5$.
Let $P(U \mid C^c) = x$.
By the law of total probability,
$P(U) = P(U \mid C)P(C) + P(U \mid C^c)P(C^c)$.
Hence,
$0.5 = (0.7)(0.5) + x(0.5)$
$0.5 = 0.35 + 0.5x$
$0.15 = 0.5x$
$x = 0.3$
$\therefore P(U \mid C^c) = \boxed{0.3}$.
So the correct option is B.