UK’S NUMBER ONE MANUFACTURING
EXPORTER SAYS 2015 BUDGET WILL HELP
BUT MORE WAS
NEEDED
Britain’s £50 Billion chemical
industry has said George Osborne’s last Budget of this Parliament will help the
sector, but there is more to do.
Steve Elliott, the Association’s
Chief Executive said: “I welcome some of the
measures announced earlier today by the Chancellor that build on existing
commitments to manufacturing and specifically to sectors like the one I
represent. The help for Energy Intensive businesses (both through direct
compensation measures and support for North Sea investment), the commitment to
innovation and maintained Capital Investment allowances are all good news for
UK manufacturers in general .
Accelerating compensation for
the small scale Feed In Tariff - from April 2016 to later this year, the £1
million public investment in the Centre for Process Innovation and no immediate
reduction in allowances for Capital Investment are welcomed by the industry.
However we really needed the
Chancellor to go further. Compensation for the Renewables Obligation –
representing the lion’s share of renewable policy costs faced by chemical
manufacturers has not been advanced in the way we all required. Our competitor
countries have either been compensated much earlier or not imposed the costs at
all.
Ends
Notes to Editors:
For further comment, please contact Simon Marsh 07951 389197
Chemical
Industries Association (CIA) is the organisation that represents chemical and
pharmaceutical businesses throughout the UK www.cia.org.uk