Reacting to yesterday’s budget James Selka, CEO of the Manufacturing Technologies Association which represents suppliers of machine tools, specialist and enterprise software, metrology, industrial 3D printing, automation and other technologies said:
“For manufacturers, the best news was the expansion of the Annual Investment Allowance from £200,000 to a whopping £1,000,000. This was a specific ‘ask’ from the MTA and we are very pleased that the Chancellor agreed with us that it was wise move to boost investment in a difficult climate. The change, which will apply to any purchase made on or after the 1st of January 2019, is a potentially huge boost for machinery and equipment suppliers over the next two years and should encourage more of our member’s customers to invest in the latest technology.”
He continued “It is also good news that there is also to be a new allowance for industrial buildings. The absence of such an allowance in the UK, when all our competitors have one, was a glaring anomaly and this new measure should stimulate investment.”
“These changes are particularly welcome as research we commissioned earlier this year demonstrated that the impact of manufacturing on the UK’s economy is much larger than often believed, with up to 23% of the economy impacted.”
The link to the MTA’s Report into the True Impact of Manufacturing is available here https://bit.ly/2IJobBo.