29 November 2011
The UK’s manufacturing industry will benefit from measures announced in today’s Autumn Statement, but Europe’s largest engineering body believes it may be too little too late.
The Chancellor outlined measures to boost the UK’s manufacturing sector but the Institution of Engineering and Technology (IET) believes that the tough economic times call for stronger action.
Chris Richards, IET Policy Advisor said: “Manufacturing and engineering is essential to creating sustained economic growth. Today’s tough economic times require strong and urgent action.
“The proposed changes to the R&D tax credits system will boost our beleaguered manufacturers, but with the gloomy economic outlook and the fact that these measures will not come into force in 2013, mean that it may be too little too late as many manufacturers could have gone under. I would urge the Government to make these changes much earlier.”
Other measures which have been welcomed by the IET include doubling to 50,000 the number of SMEs which will be helped by UKTI.