Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Britain’s manufacturers urge Hunt to ditch autumn statement to provide financial solidity

by October 9, 2023
October 9, 2023
Britain’s manufacturers urge Hunt to ditch autumn statement to provide financial solidity

Manufacturers have urged Jeremy Hunt to do away with the autumn statement, insisting that the constant “flip-flopping” on policy is holding back investment and is making the UK “uncompetitive”.

The chancellor gives two fiscal statements a year, the budget in the spring with a second statement in the autumn, which is an update on how things are going. However, Make UK, which calls itself the “voice of UK manufacturing”, has urged Hunt to return to a single annual fiscal statement.

It blamed “frequent changes to policies”, especially around investment and research and development incentives, for having “significantly hampered businesses’ investment plans”.

Fhaheen Khan, senior economist at Make UK, said: “Manufacturers are clear that many aspects of the . . . tax and regulatory system are not fit for purpose and are failing to promote vital investment in skills, capital and green growth. This is not helped by the fact we have two fiscal statements a year, which hampers businesses’ investment planning. We cannot continue with the flip-flopping and policy inconsistency if we are to shake the economy out of its torpor and promote long-term growth.”

Should Hunt agree, the government would go back to publishing only one annual economic forecast for the first time since the 1970s. He is due to deliver the autumn statement on November 22.

Make UK, which speaks for 20,000 companies and three million people in the manufacturing and engineering sectors, said a survey of 150 companies had found that almost half thought Britain had an unfavourable business tax and regulatory environment.

Manufacturers’ main gripe is about changes to investment incentives in recent years. Over the past three years there have been three different iterations of investment incentive schemes.

Small and medium-sized businesses have had their research and development tax relief cut amid what the chancellor said were “concerning reports of abuse and fraud”.

Most respondents to the survey, carried out alongside RSM, the accountancy firm, said it had become more challenging to plan investments.

Read more:
Britain’s manufacturers urge Hunt to ditch autumn statement to provide financial solidity

0
FacebookTwitterGoogle +Pinterest
previous post
Waitrose in talks with Amazon over online grocery deal
next post
Metro Bank seals a near billion pound rescue deal

You may also like

UK space sector outpaces economy as M&A activity...

November 27, 2024

Google for Startups unveils the 10 Black-led UK...

June 12, 2023

UK private sector activity contracts for second month,...

May 23, 2025

Boris Johnson rules out immediate cost-of-living measures

August 9, 2022

Why Aluminium Joinery is the Future of Secure...

March 3, 2025

Wilko plans to cut 400 jobs as part...

February 16, 2023

Work on £1.75bn Midlands Rail Hub to Commence...

February 29, 2024

British Businesses Face £42bn Debt Crisis Post Ultra-Low...

May 28, 2024

Campaign for four-day week aims to sign up...

February 27, 2023

Alexander Ostrovskiy: What Makes a Computer Tick

December 6, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Disabling Trump’s “Tariff Button”

      June 5, 2025
    • ‘Sick puppy’ Tim Walz should never have been on Dems’ 2024 ticket, Trump says

      June 5, 2025
    • Federal judge orders Trump to restore funding to Clinton-era agency gutted by DOGE

      June 5, 2025
    • Musk says Trump would have lost 2024 election without him as ‘Big Beautiful Bill’ feud continues

      June 5, 2025
    • Ex-Biden adviser calls Jean-Pierre ‘kinda dumb,’ deletes tweet, says she’s not a ‘genius-level Black woman’

      June 5, 2025
    • ‘Coming for us’: Expert sounds alarm on CCP’s mission to ‘kill Americans’ after FBI makes shocking arrests

      June 5, 2025

    Categories

    • Business (8,148)
    • Investing (2,010)
    • Politics (15,535)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved