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News Release from: Manufacturing Technologies Association
Edited by the Manufacturingtalk Editorial
Team on 18 March 2008
Is engineering keeping UK economy alive?
UK manufacturing technologies sector is forecasting a strong growth of 10% in machine tool sales in 2008 and reflects positive trends in the engineering sector in the UK and Europe.
The Manufacturing Technologies Association (MTA) noted that the UK Chancellor, in his recent Budget, had down graded his growth forecast for this year The MTA believed it reinforced its view that the UK economy is being kept in growth by the strong performance of engineering
This article was originally published on Manufacturingtalk on 13 Apr 2004 at 8.00am (UK)
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The Manufacturing Technologies Sector is forecasting a strong growth of 10% in machine tool sales in 2008 and MTA surveys continue to reflect positive trends in the engineering sector in the UK and Europe.
MTA welcomed the few 'crumbs' there were for business such as: a series of measures to help SMEs, the increased budget for the Small Firms Loan Guarantee Scheme and the extra money to develop people skills in the labour market.
However, the MTA said there was some disappointment that the Chancellor did not reinstate the capital gains tax banding and did not reduce the rate of Corporation Tax for SMEs.
External Affairs Manager at MTA, Simon McVicker, said: "In a Budget that was limited in what it could do, the Chancellor's focus was mainly on areas that would not adversely effect business.
It was disappointing that he made no mention of the importance of manufacturing and engineering to the UK economy at the moment and there was no extra money to help in areas of value like exporting.
What extra money he did provide to business was extremely small in terms of overall Government spending.
My initial impression is this Budget will have no impact on our sector.".
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