Posted On: 24th April 2012
Today Mr. Osborne will emerge with the spring 2012 budget announcement – what can we expect for business?
It seems as though the outlook for the year might be better than first thought with the manufacturing sector again driving growth – but it won’t leave the government much room for manoeuvre. Manufacturers in the Midlands have asked for increased capital gains allowance to allow purchase of new machinery easier and at a more local level – rates relief from local councils to assist in job creation. Made in the Midlands members have been at the front end of R & D over the past 36 months and many firms have benefited from the grants relief on R & D spend – though this system could do with further simplification so firms don’t miss out and are encouraged to venture more into R & D within their own businesses.
Sound steps have been taken to promote export growth, UKTI are one organisation that will be on show at the 24th April Made in the Midlands exhibition to assist overseas growth opportunities for Midlands manufacturers.
For many, this budget isn’t coming out at the right time and there are calls for an end to this ‘ceremonial circus’ – eyes will be on the Chancellor to see if manufacturing and engineering is given the recognition it deserves come lunchtime.