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News Release from: Manufacturing Technologies Association
Edited by the Manufacturingtalk Editorial
Team on 15 December 2003
Manufacturers say UK government is more
positive
UK government's recent Chancellor's Pre-Budget Report demonstrated a more positive approach to the problems facing the manufacturing sector, says MTA.
MTA cautiously welcomed the Chancellor's Pre-Budget Report in the House of Commons today and believe it contained much to absorb There were a number of measures announced which could be of help to British manufacturers, especially in the SME sector
This article was originally published on Manufacturingtalk on 13 Apr 2004 at 8.00am (UK)
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Areas such as the extension of the threshold for 40% capital allowances, the broadening of the R and D tax credits, and the extension of employer training pilots stood out immediately.
The removal or reform of 147 business regulations was also welcomed.
However, there is still some concern at the Chancellor's rather bullish approach to the deficit in public finances and the worry that business may have to pay a price in higher taxation after the next General Election.
MTA President, Paul Maynard, commented: "With his speech at this year's Labour Party Conference and his Pre-Budget Report statement, the Chancellor is demonstrating a more positive approach to the problems facing the manufacturing sector.
We also agree that manufacturing will begin to grow in 2004, but for many sectors like our own, it will be coming from a very low position and is not forecast to get back to the much higher levels reached in the mid 1990s.
It is essential that the Chancellor moves on from the positive platform of the Pre Budget Report and introduces measures in the 2004 Budget to alleviate the decline in manufacturing which, over the last 40 years, has seen our investment record fall behind our major economic competitors".
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