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Budget 2020 fires on all cylinders for UK manufacturers

Budget 2020 fires on all cylinders for UK manufacturers

Simon Jonsson comments on the announcements made in today’s Budget.

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Simon Jonsson, tax partner and manufacturing expert at KPMG UK, comments on the announcements made in today’s Budget. He said:

“At a time of great uncertainty and change for industry, the Chancellor has announced a number of positive actions to help manufacturers in the UK. Most notably, encouraging innovation through the R&D tax credit rising from 12% to 13% and adding relief by increasing the structures and buildings allowances from 2% to 3%. These will be coupled with reforms around employment which will be beneficial for both industry and jobseekers alike. The much needed investment around broader public infrastructure and transport will also be welcomed, particularly for those exporting goods, and continuing to prioritise these areas can only help to boost business confidence. 

“Whilst the Budget is set against the Chancellor’s assessment of the UK economy in the short term, many are conscious of the potential serious disruption due to COVID-19. This is particularly worrying for manufacturers because of the impact on production capacity and the disruption of global supply chains. So it’s encouraging to see measures being taken to support health, wellbeing and the UK’s economy at this crucial time.”

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For further information please contact:

KPMG Press office

Tel:  +44 (0) 207 694 8773

Jo Chileshe, KPMG Corporate Communications

Mobile: 07919 211 803

Jo.chileshe@kpmg.co.uk 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff.  The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

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