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