'Autumn Statement is Good News', says BPF

“The Autumn statement is good news for business” said BPF Director-General Peter Davis.“Much of what the BPF led Seven Associations asked for in their 20th November letter to the Chancellor has been announced by him today and is very welcome.”:

- More support for the advanced manufacturing supply chain, which includes plastics;

- A 25% increase in UKTI funds which we hope will meet our request to increase export grant aid to trade associations and companies attending trade fairs in growth economies.  A new £1.5bn export finance facility;

- Funding and reforms to assist construction of 120,000 new homes;

- More money for the Regional Growth Fund which has already benefited plastics companies;

- New tax incentives for Shale Gas, vital to reduce energy costs;

- Starting on 1st January a Capital Allowance with £250, 000 worth of investment eligible for 100% relief; up from £25,000, a stimulus for capital investment;

- The 3p per litre Fuel Duty increase for January is cancelled, and will not increase business costs.

Peter Davis said “More will emerge in the detail over the next few days but we are pleased that the Chancellor has listened to the Seven Associations proposals.”

“He announced a further freeze in Council Tax but we are disappointed he did not freeze Uniform Business Rate which we asked for.”

ENDS

For all media enquiries, BPF logos and images, please contact Philip Law, on 0207 457 5011 or Email: [email protected]

Please see Seven Associations letter to the Chancellor in related documents below.

Notes for editors:

The British Plastics Federation (BPF) is the UK trade association for the plastics industry – representing the whole supply chain including polymer producers, distributors, additives suppliers, machinery manufacturers, processors and recyclers.