EY UK&I Advanced Manufacturing & Mobility Tax Leader
Government borrowing has now exceeded £270bn in this financial year, according to the Office for National Statistics. While under normal circumstances, this may have raised some eyebrows, we are still operating in unprecedented times. Despite the significant COVID-19 relief bill, further investment stimulus is required, and the UK manufacturing sector will be hoping this is reflected in tomorrow’s Budget announcement.
An effective pro-manufacturing tax policy is needed not only to sustain the economy and help support employment in the sector, but to position the UK for long-term growth. A healthy and growing manufacturing industry could be the foundation for post-pandemic recovery, and a key strategy for the post-Brexit world. More widely, this would bring job creation throughout the supply chain and skilled labour investment.