Autumn Statement 2016: industry implications
23 Nov 2016
Chancellor Phillip Hammond today unveils his first Autumn Statement since taking office, with expectations high for measures that will stimulate growth within the STEM sector.
Details will be outlined on the Process Engineering website following the start of the Chancellor's speech at midday today (Wednesday).
Early indications this week are that changes will include:
- A £2 billion boost to R&D spending focused on science and tech
- Improvements to the UK’s broadband provision
- Investment in the country's road network
- Reduction in UK corporation tax
In her address to the annual conference of the Confederation British Industry, Prime Minister Theresa May disclosed the Government's commitment to boosting spend on research.
Meanwhile, in a speech to the Chemical Industries Association, Brexit minister Robin Walker stated it was “vital” to lay the foundations to ensure the UK chemicals sector remained a world leader.
For its part, the energy sector is awaiting a response from HM Treasury to the idea of transferring tax relief on decommissioning costs.
