Budget statement pleases MTA
A
Manufacturing Technologies Association product story
Edited by the Engineeringtalk editorial team
Dec 6, 2004
Although last weeks pre-budget statement contained the expected pre-election optimism from the Government, The Manufacturing Technologies Association also found some reasons to be pleased.
Although last week's UK pre-budget statement speech contained the expected pre-election optimism from the Government, The Manufacturing Technologies Association (MTA) also found some reasons to be pleased.
The Government's desire to address the productivity gap in the UK is good news for manufacturers, the vast majority of whom are competing in a global business environment.
The extension of the employer-training programme nationally will aid productivity in the UK by providing the country with a more educated workforce, while The Hampton Interim Report on regulation is seen as a move in the right direction.
Continued investment in science and innovation is also crucial if the UK is to maintain a manufacturing base.
The issue of public finances is however still a worry, Paul Maynard, MTA President, commented: "With an election in the first of half of 2005 we expected the Chancellor to paint an optimistic picture of the economy but the nagging questions that we and other business groups have about a potential 'black hole' in the public finances could seriously affect confidence next year".
"Huge tax increases after the election would probably disproportionately hit manufacturing industry at a time when we will still be recovering from a severe recession".
"This makes the March Budget a crucial one and we hope the Chancellor acts, in the way he likes us to think of him, with great prudence".
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