Comments provided by Caroline Milton.
With Brexit on the horizon it’s important that UK manufacturers continue to invest in their future to remain globally competitive. It would therefore be good to see the Government increase the Annual Investment Allowance, (after decreasing this last year) to encourage investment in capital projects, particularly robotics and automation that could place make the UK a world leader in manufacturing.
We would also like to see continued support for SME R&D tax incentives with an emphasis on more clarification and simplification of the guidance to ensure that this is not a barrier to SMEs claiming legitimate relief.
It would be good to see investment by the Government in the education system to drive better collaboration between manufacturers and schools and instil a passion for manufacturing in our next generation at an early age. With a better support structure, clearer incentives to businesses and perhaps a visa system which allows world leaders in manufacturing to enter the UK to train our future inventors, this would give the UK the opportunity to get ahead of the global manufacturing curve.
The automotive sector is a significant and important part of UK manufacturing and we would like to see Government support to protect and further develop this sector. We would like to see the Chancellor incentivise manufacturers to make their vehicles in the UK, by offering tax incentives to manufacturers who are carbon efficient and reduce VAT rates to consumers on technologically advanced automotive products, such as autonomous vehicles. This would encourage the purchase of UK products over internationally manufactured items, providing a further boost the UK economy in these uncertain times.
Get more input on the Autumn Budget 2017 implications for the UK Manufacturing sector by speaking to our sector team.
Find out more about the Menzies Manufacturing advisory services.