Chemicals chief calls for pre-Brexit 'kick-start'
6 Mar 2017
Chancellor Philip Hammond has been challenged to address the UK’s uncompetitive energy costs and reform tax and investment for research and development in today’s Budget.
Steve Elliott, chief executive of the Chemical Industries Association said: “I want the Chancellor to use this opportunity to further strengthen the backbone of UK industry while we wait for the uncertainty of Brexit to clear.”
He called for the abolition of the carbon floor price as a counter to uncompetitive energy costs and also reform of investment and taxation covering R&D tax credits and the Patent Box scheme, to encourage innovation.
I want the Chancellor to use this opportunity to further strengthen the backbone of UK industry
Steve Elliott, chief executive, Chemical Industries Association
Said Elliott: “These measures would help kick-start the government’s very welcome commitment to a new industrial strategy.”
The chemicals and pharmaceuticals industry is the UK’s second largest manufacturing exporter and adds £14 billion of value to the UK economy every year from total annual turnover of around £40 billion.
It is also responsible for more than £4 billion of capital and R&D investment and employs an estimated 140,000 people directly and 500,000 indirectly.
- The Food and Drink Federation has demanded postponement of the planned soft drinks levy until April 2019. Director general Ian Wright said the benefit would be limited to a reduction of five calories per person per day but will risk more than 4,000 jobs across the UK.
