Commenting on the Budget Statement, Stephen Phipson,
Chief Executive of Make UK, said:
“Industry will welcome this statement which builds on a number of
other key announcements in recent months. The Chancellor clearly
sees manufacturing as a key sector in the economy of the future
and is slowly, but surely, putting in place the building blocks
of an industrial strategy.
“The extension of full expensing to leased assets will benefit
smaller companies in particular and, we would urge draft
legislation to be brought forward as soon as possible so that
this measure can be made permanent at the earliest opportunity.”
On the consultation on leasing, Fhaheen Khan, Senior
Economist at Make UK, said:
“Making full expensing permanent was one of the single most
supportive changes to the treatment of capital expenditure for UK
businesses in the last decade. Manufacturers are one of the
biggest users of capital allowances and, widening access to
leased assets highlights the Government’s commitment to explore
new ways to ensure the UK is an attractive location to invest.
“Extending full expensing to leased assets will especially
support smaller manufacturers while, further down the line, the
Government should explore whether it can be expanded even further
to support sustainability goals by covering refurbished,
second-hand technologies.”
On the extension of the Recovery Loan scheme, Faye
Skelton, Head of Policy at Make UK, said:
“By extending the scheme, the Chancellor has extended a welcome
olive branch to small businesses in the UK in an act that
recognises their strategic importance to the economy.
Smaller manufacturing businesses account for the vast majority of
the UK manufacturing base and this will provide them with a
vital safety net to ensure their long-term viability.
