Comments provided by Head of Manufacturing Caroline Milton.
Following the Chancellor’s Spring Budget 2017 update, Menzies Manufacturing sector team have reviewed the impact of Philip Hammond’s announcement upon the UK manufacturing community.
The budget showed little support for SMEs, with an increase in NIC on self-employed individuals and with a reduction to the tax free dividend rate from £5,000 to £2,000 , this is clearly a disincentive to entrepreneurship.
From a manufacturing perspective, there were positive messages about the continued support for R&D and it is now imperative that SMEs are made aware of these opportunities to assist with funding their investment.
Get more input on the Spring Budget 2017 implications for the Manufacturing sector by speaking to our sector team.
Find out more about the Menzies Manufacturing business services.