BPF Comments on Spring Budget 2024

“The BPF welcomes the Chancellors recognition that manufacturing is a key sector in the economy and we will be following with great interest the planned investment in key sectors such as automotive and aerospace.  We are also hopeful that the Advanced Manufacturing Plan can be built upon and used to help shape a genuine, and much needed, industrial strategy for the UK.

We also welcome the extension of full expensing to cover leased assets and hope that this will enable further investment in new machinery by the industry.

The BPF were however disappointed that the Spring Budget did not include confirmation that a mass balance approach (with fuel exempt allocation method) will be allowed within the Plastic Packaging Tax. The BPF, along with the whole supply chain, has already made the government aware of the urgency to needing a response to the mass balance consultation which closed in October 2023. Any delay leaves the UK vulnerable to missing out on investment which is required to help the UK to achieve a Circular Economy and achieve Net Zero Targets.”

Philip Law, Director General, British Plastics Federation