08 April 2011
Europe's largest engineering institution has welcomed the Chancellor's decisions to help boost manufacturing, a sector which is crucial to rebalancing the UK economy.
George Osborne's second budget delivers some necessary measures to support UK manufacturing, including changes to the reliefs available to small businesses through the capital allowance system and R&D tax credits. More long-term measures such as the announcement of 24 University Technical Colleges (UTCs), an increase in apprenticeships and a faster launch of the Green Investment Bank all point to a new start for engineering and manufacturing in the UK.
The IET’s Head of Policy, Paul Davies said: “It remains to be seen how benefits may be offset by additional announcements elsewhere. However, it is clear that the changes announced will go some way in helping UK manufacturing continue an upward trend in growth, through assisting manufacturing SMEs which could become the driving force of British industry in the future.
“The IET will be working with other professional institutions, industry and parliament to ensure that the UK's 'march of the makers' puts its best foot forward.”
The IET awaits further clarity to see how the government intends to ensure the growth of R&D and how the announced Enterprise Zones will operate.
IET press officer
T: +44 (0)1438 765608
M: +44 (0)7515 814884
Robert Beahan, press officer
T: +44 (0)1438 767336
M: +44 (0)7595 400912