PRESS RELEASE: Budget investment allowance announcement will stimulate growth

In his budget for the ‘strivers, grafters and carers’ in the country the chancellor’s big hitters were mental health, PFIs and tax dodging by tech giants.

But in the midst of the fiscal forecasting, a win for manufacturers will hopefully steady the ship in the Brexit era, the temporary increase in the Annual Investment Allowance, from £200,000 to £1m, which the British Ceramic Confederation lobbied for.

Dr Laura Cohen, Chief Executive of the British Ceramic Confederation said: “We welcome anything which will help tip business investment decisions towards Britain, and we hope this will go some way to mitigate uncertainties around leaving the EU.

“The ceramic sector is thriving, in recent years, exports are growing and employment in the sector is above 20,000. We want to contribute to the success of Brexit and continue to grow, and export even more in the future. Increased investment capacity is welcome.”

Although not mentioned in the Chancellor’s dispatch box delivery, there was one other point of interest for the ceramic sector on energy tax.

Dr Cohen added: “As an energy intensive industry, the freezing of the carbon price support tax is a step in the right direction, but this does not go far enough. Britain has some of the highest electricity prices in Europe and to compete internationally this must be addressed.
“We wished for more detail on a hard Brexit carbon pricing to replace EU ETS.”

 

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Notes to editors

The British Ceramic Confederation is the trade association for the UK ceramic manufacturing industry, representing the common and collective interests of all sectors of the industry. Its member companies cover the full spectrum of ceramic manufacturing, including the supply of materials, and comprise over 90% of the industry’s manufacturing capacity.

 

For further information please contact: 

Ciara Jagger, Publicity and Project Officer, British Ceramic Confederation, Federation House, Station Road, Stoke-on-Trent, ST4 2SA.  

Tel:  01782 572851 M: 07535 084055   E-mail:  ciaraj@ceramfed.co.uk    www.ceramfed.co.uk

 

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