What does the budget mean for the manufacturing industry?
As I am sure you aware, George Osbourne gave his budget today; he was extremely positive about manufacturing with the statement “Britain is walking tall again”.
He accompanied this with some facts about the UK economy such as an extremely low 5.3% level of unemployment and the fact that 1,000 jobs are being created a day (80% of which are full time), all very positive statements in advance of the election.
Along with these statements however the Chancellor did announce measures that will affect UK manufacturers:
•He confirmed the rate of corporation tax will stay at 20%
•It was stated that the national minimum wage will rise to £6.70 in the Autumn and £8 by the end of the decade
•Doubling the support for British exporters to China through UKTI resource increases
•It was confirmed that the annual investment allowance will not drop to £25,000 at 1 January 2016, however this level will not be set until the Autumn Statement.
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