Chancellor urged to improve investment climate
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Manufacturing Technologies Association product story
Edited by the Engineeringtalk editorial team
Mar 13, 2006
According to EAMA's 2006 budget submission, an improved climate to invest is key to reversing the eight-year decline in investment in UK manufacturing.
An improved climate to invest is key to reversing the eight-year decline in investment in UK manufacturing.
In its 2006 budget submission EAMA, of which MTA is a founder member, outlines key areas to make this happen.
Encouraging investment to sustain longer-term performance through granting 100% permanent Capital Allowances to cover equipment needed by manufacturing companies would boost productivity and increase cash turnover of the engineering sector.
A 2% reduction in the insurance premium tax (for SME manufacturing companies under SIC codes 15-37) would offset the fact the employers' liability insurance tends to be more expensive for these companies as they need more cover than most, and this particular insurance has been rising at a rate dramatically above that of inflation.
Reform of the corporation tax structure would help SMEs to grow their export activities, as last year this sector ran a positive trade balance of GBP 4 billion.
A training credit against National Insurance or an enhanced tax relief would make it financially easier for SMEs to train new staff.
Regulatory simplification is necessary, in drafting new regulations jointly with business, in simplifying the forms Government sends out and by cutting the number of regulators.
Grants: EAMA research shows that three-quarters of members would not have proceeded with R and D, export promotion, training etc without a grant.
Commenting on the submission, MTA Director General, Andrew Manly said: "Our budget submission areas have been thoroughly researched and discussed with EAMA members and if implemented by Government would make a real and beneficial difference to SMEs manufacturing in the UK".
"EAMA represents 1000 UK companies within the mechanical engineering sector and we focus specifically in suggesting areas for reform in which SMEs have different or added pressures to larger companies to allow them to invest".
"The six areas outlined above would in our view create a climate which would make investment by SMEs much easier, which in turn would benefit the prosperity of the UK".
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