UK’S TOP MANUFACTURING EXPORTER SAYS CHANCELLOR ON THE
RIGHT ROAD FOR MORE UK BUSINESS INVESTMENT
The chemical and pharmaceutical industry has broadly
welcomed the Chancellor’s Budget Statement. Ahead of a meeting with businesses
in the north west of England, the Chief Executive of the Chemical Industries
Association, Steve Elliott said “the measures announced on business energy tax
reform, regional science audits and productivity - coupled with infrastructure
investment – will be eagerly awaited by the businesses in our membership.
The UK chemicals sector is the fastest growing in Europe and it is essential
that these initiatives help strengthen that performance.”
“In our submission we urged George Osborne to stop and look
at the cumulative impact of green taxes and I am pleased he has agreed to do
that. The energy intensive industries need to see reductions in the UK’s
ever-escalating policy related costs which will hit investment and productivity
if we do not take action now. While welcoming a sovereign wealth fund for
communities that host shale gas development, I want to see further urgent
progress to deliver this unique opportunity for our country and for local
people to benefit.” he continued.
Elliott added, “We also stressed the need for public innovation
expenditure to be strengthened and I hope the regional science audits will lead
to that - and do not get side-tracked from the global challenge and opportunity
facing UK chemical businesses and the country.”
Elliott, who will confirm on Thursday that the chemical and
pharmaceutical sector has improved productivity by 10% since the beginning of
the crisis, welcomed the productivity plan and looked forward to further
engagement on this.
Ends
For an interview with Steve Elliott please call Simon Marsh on
07951 389197 or email marshs@cia.org.uk
www.cia.org.uk
Some chemical industry facts:
- 2014 chemical industry growth was 3.7%
- We contribute £60m of Added Value every single
working day (over £15bn a year) to the UK’s Gross Domestic Product
- Our exports are nearly £50bn each year – we are
the UK’s number one manufacturing exporter
- The growth in jobs has been an astonishing - 11%
in the chemicals sector and 10% in the pharmaceutical industry
- We have a total of 30,000 full-time equivalent
roles in research and development showing the strength of the UK’s expanding
science base
- The £4bn we spend on capital expenditure
represents a 7% real terms annual increase