UK manufacturers want the government to commit to more infrastructure spending and increase capital allowances, according to its representative body EEF.
Ahead of next week’s Autumn Statement to be made by George Osborne, EEF have urged for a number of measures to be introduced to aid manufacturers and help stimulate growth in the sector.
It has called for £5.3bn of government underspend to be reallocated towards infrastructure spending.
To help boost competition, the EEF has also proposed for 100% capital allowances over the next two years to encourage investment, or an incremental scheme to provide tax relief for those raising investment above a certain level.
Meanwhile, the Forum of Private Business (FPB) has requested a “credible announcement” on fuel duty to be included in the statement, as a planned 3p fuel duty rise edges closer, whilst the Federation of Small Businesses (FPB) felt an extension of the national insurance contributions holiday scheme and a simpler tax system for UK businesses would help stimulate spending and growth in the UK economy.
BUSINESS FINANCE FACT - Companies using asset-based funding solutions in 2013 (such as invoice finance) have access to more than £23 billion worth of cash....