BPF Budget Response

BPF Budget Response

The Chancellor George Osborne stated, “This will be a Budget for making things.” The BPF agrees and welcomes many of the measures which will assist the Plastics industry.

In their submission to the Chancellor the Seven Associations Alliance called for and got:

• A substantial improvement up to 200% in the R&D credits for smaller companies to stimulate innovation
• Doubling the limit on Capital Allowances from 4 to 8 years to stimulate Capital Investment
• More Government assistance for Export promotion and Export credits
• Government backed shared equity scheme to help 10,000 first time buyers of newly built homes to stimulate the Housing market
• Corporation Tax cut by 2% in April not 1% as previously planned
• We asked the Chancellor not to increase Fuel Duty this April and in fact he has cut it 1p per litre from tonight and also the planned 4p a litre rise until 2012.

The Seven Associations also welcome:

• £350 million of business regulation being scrapped
• New rules to require planners to prioritise growth and jobs.

Peter Davis, Director-General of the BPF said,” There is much to welcome here, which will assist plastics manufacturing to grow.The BPF has a Climate Change Agreement with the Government. We welcome the extension of them till 2023 but it is important that our large scheme continues to deliver energy reduction.”