Budget 2018: More focus required on manufacturers
The Budget has delivered some positive news for manufacturers, a vital sector of the UK economy.
However, we need to see more policies that focus specifically on this sector.
Good news included the £1.6bn to support the Industrial Strategy, increased incentives to invest and improvements in the apprenticeship scheme.
Increased investment in research & development (R&D) has been promised, but like many reliefs, the scheme remains far too scattergun in their approach as it’s open to any business, regardless of their importance to the UK economy. There’s also nothing to suggest the scheme doesn’t simply give relief to those who would be investing in R&D or plant anyway – we need to see evidence on how these new packages incentivize new investment, rather than support investment that would have been made regardless.
A boost in public sector spending was announced – but the Government needs to encourage projects to buy from UK manufacturers wherever possible to truly benefit the UK economy.
Hopefully with greater clarity over the direction of Brexit during the next five months, a Spring Budget will allow the Chancellor to focus on this key sector which will inevitably be significantly impacted, whatever the final deal looks like.
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This Insight is part of exclusive content being provided by our experts on the Autumn Budget. View our special Autumn Budget 2018 coverage to read more commentary and analysis to help your business. Alternatively, send us an online enquiry to contact one of our business experts or speak to our Partner, Richard Powell.