Good morning and welcome to the Friday brief this week.
We start with a reminder of the Super-deduction news from the budget and the impact we hope it will have on MACH 2022. The announcement this tax relief will run through this year and next will be welcome news to those looking to specify and purchase equipment at the show in April 2022.
Sticking with exhibitions, we have news of a new show launching in May 2022 in Stuttgart. GrindingHub is being organised jointly by VDW (German Machine Tool Builders' Association), Frankfurt am Main, in cooperation with Messe Stuttgart and Swissmem (Association of the Swiss Mechanical, Electrical and Metal Industries). Find out more about this new biennial show in the story below.
MTA Associate Member, Accruent, are holding a free virtual roundtable on Operational Excellence: what it is and how you can achieve it, on 30th March at 1pm. The event will host a panel of manufacturing industry experts, including MTA President Andy Hodgson, and will focus on what creates this standard and how your organisation can use it to leapfrog the competition.
We also have details of an online event being run by DIT and SAE BRASIL focusing on opportunities in battery technology. If you like to find out more about the new technologies and materials being applied in this sector, check out the vent next Thursday.
In public affairs news this week, we have details of the new UK customs declarations, which have now been put back until 1st January 2022, and what you’ll need to put in place for this date. We’ve also got details of the governments new £171m Industrial Decarbonisation Challenge. Launched by the Business secretary Kwasi Kwarteng this fund will act as a blueprint to deliver the world’s first low-carbon industrial sector.
Similarly, a quick reminder to Members that the Brexit Support Fund opened for applications this week. Firms with up to 500 employees and £100 million turnover that do not trade outside the EU can apply for grants of £2,000 for training and professional advice. The grants are to learn about import and export customs procedures such as VAT and Rules of Origin.
On the topic of funding, we have the latest newsletter from Innovate UK which contains a link to the latest funding opportunities and the Industrial Strategy Challenge Fund (ISCF).
We lead the economic news this week with coverage of the first set of data for 2021 for both manufacturing output and GDP. Both fell in January with the trend for manufacturing driven by a phase of stock-building ahead of the end of the Brexit transition period which boosted activity in November and December and led to something of a pause in January. For the economy as a whole, the main driver was, of course, the latest period of lockdown which was implemented late in December 2020 and especially affects the consumer-contact elements of the service sector.
We also have the latest report from the Bank of England’s Agents which mostly confirms the trends for manufacturing output recorded by the ONS. It also suggests a small improvement in investment intentions, led by the manufacturing sector, although they remain modest by historical standards.
In the equivalent data for Europe, the monthly industrial output data showed a modest increase compared to December which highlights the impact of Brexit on the UK data as both had similar Covid-19 driven lockdowns. The European GDP data is only quarterly and the latest release has seen a small revision to the figures. We explore all of these stories in the economic news article below.
That’s all for this week. We’ll be back next Friday with more industry news, in the meantime, have a good weekend.