BG Response to the Autumn Statement

The Chancellor’s annual Autumn Statement on the state of the economy was delivered yesterday, in which he said that manufacturing is growing faster than other sectors and investment is greater than any other economy.

We welcome the measures to support innovation, including the increase to the R&D tax credit for SMEs to 230% and the credit for large firms to 11% - this will provide UK businesses with a boost to invest and should ensure manufacturers and industry can continue to innovate.The recognition of the importance of science and innovation in local economic growth is also good news, as along with the boost for infrastructure, these measures will enable businesses to benefit from improved links and will help to rebalance the economy.Having said that, we would have liked to have seen greater long-term commitments on measures to increase innovation and R&D, with a focus on the commercialisation of ideas, in order for the UK to compete in the global market.Ahead of the Autumn Statement, we wanted to see action taken on reforming the outdated business rates system, and although we are pleased to see that they are capping the increase and will be extending relief for small businesses, we await to see the outcome of the full review.As advocates of the value of fit-for-purpose, tailored apprenticeships for industry, we welcomed the announcement from the Chancellor that employers will no longer pay National Insurance contributions for apprentices under the age of 25.A number of companies within the glass industry already take on apprentices and we hope that this measure encourages more within the industry to recruit young people, grow the talent pipeline and mitigate the challenge of our ageing workforce. As the backbone of our economy, we also hope this enables more SMEs to take on apprentices. It’s important that we support their growth and so, government needs to ensure that this incentive isn’t overshadowed by red tape and bureaucracy.

With a Sheffield headquarters and many of our member companies based in the North, we were also encouraged by the plans to create a northern powerhouse. Improving transport links and investing in science and technology through the commitment to an institute for advanced material science in Manchester, with satellite branches in Leeds, Liverpool and Sheffield are welcomed. We hope this opens doors for other areas in the North to follow Great Manchester and be granted devolution of power. We look forward to hearing more on government’s plans for this in the coming months.

As an energy intensive industry (EII), we were hoping to see some reforms to the EII compensation package in terms of the scale, scope and budget, to fully compensate all EIIs from the costs of the Carbon Floor and Renewable Energy Schemes, as well as for government to consider compensation for the impact of Renewable Subsidies. We hope to see these issues addressed in the 2015 Budget.

Overall, we were encouraged by the measures announced, particularly the focus on supporting innovation, improving infrastructure, encouraging investment in skills and people and the creation of the northern powerhouse.

600450 BG Response to the Autumn Statement
Date: 8 December 2014

See more news about:

Others also read

Coinciding with the fulfillment of the ARTESUN project´s first year (November), the third Project Meeting took place at Corning headquarters in Avon, France    Funded by the European Comission through its Seventh Framework Programme, ARTESUN Project aims to develop organic photovoltaic solar cells (OPV) through the implementation of three full-scale prototypes.
For overview analysis, the report introduces Fire Glass basic information including definition, classification, application, industry chain structure, industry overview, policy analysis, and news analysis, etc   Browse Full Report With TOC @ international and China market analysis, the report analyzes Fire Glass markets in China and other countries or regions (such as US, Europe, Japan, etc) by presenting research on global products of different types and applications developments and trends of market, technology, and competitive landscape, and leading suppliers and countries’ 2009-2014 capacity, production, cost, price, profit, production value, and gross margin.
Dubai Investments (DI) CEO Khalid Bin Kalban has revealed that the Company seeks to examine several expansion opportunities in 2015.
This report was created for strategic planners, international executives and import/export managers who are concerned with the market for nonwired glass sheets of float glass and surface ground or polished glass.
New Business to Support Company's Growing Presence in East and Central African Markets - H.B. Fuller Company (NYSE: FUL) announced today that it has signed an agreement to purchase Continental Products Limited, a provider of industrial adhesives in East and Central Africa.
"Opportunity in the Indian Glass Market - 2014 : Market size, Market share, Market landscape, Market trend analysis, Growth drivers, Future opportunity, Future forecast" provides an insight into the Indian Glass current market scenario, structure and practices.

Add new comment