The £60 billion UK chemical and pharmaceutical industry has shown how George Osborne can use his forthcoming Budget to secure economic recovery for the country.
In calling for the government to fully implement promises made in the Autumn Statement on energy in relation to support for energy intensive industries including interim assistance for the carbon price floor mechanism, to advance capital allowances and to expand research & development credits, the Chemical Industries Association says an overall industrial policy (with manufacturing at its heart) is the best chance of delivering a sustainable economic recovery.
Steve Elliott, the Association’s Chief Executive said “there has never been a more urgent or better time to secure conditions for long term sustainable UK economic growth, based on the private sector and manufacturing in particular. We have a tremendous opportunity through the Budget to collectively deliver an industrial policy for the UK that gives business the long term certainty to boost trade, investment and high quality jobs in this country. For UK chemical businesses, the Chancellor’s Budget will provide a real test of whether this government actually is up for the challenge and progress on a compensation package for energy intensive businesses alongside tangible support for investment through advanced capital investment allowances and an extension in the scope of R&D tax credits would certainly make companies feel they are wanted in the UK. A manufacturing renaissance is still possible for the UK, but only if we act quickly”.
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1 The Chemical Industries Association is the trade body that represents chemical and pharmaceutical businesses located in the UK
2 Steve Elliott’s biography is attached http://www.cia.org.uk/Newsroom/PhotosandBiographies/StephenElliott.aspx
3 The Association has led the campaign on energy, research & development tax credits and capital allowances being critical to industrial growth in the UK
4 For an interview with Steve and/or a copy of the letter to the Chancellor please contact Simon Marsh on 07951 389197 or [email protected].