Reacting to today’s budget James Selka, CEO of the Manufacturing Technologies Association said:
“We welcome the funding that is being made available for Research and Development in connection with the Industrial Strategy and look forward to the imminent White Paper. We also welcome the increase in the R&D Expenditure Credit for large companies from 11% to 12%. The current pace of technological change means that we have a once in a generation opportunity to re-industrialise the UK’s economy.
“The enhanced role of UK Export Finance is welcome too but it is disappointing that the Chancellor did not take the opportunity to offer a boost to firms looking to break into emerging markets with extra support through the Tradeshow Access Programme. The UK is getting left behind on the world stage because our Government doesn’t back up industry as our competitors do.
“The Government has missed an opportunity to reform the way that the tax system treats capital investment. Our Capital Allowances regime is uncompetitive in relation to other countries’ systems and is putting us at a disadvantage when it comes to global investment decisions."