UK manufacturers urge Chancellor Jeremy Hunt to scrap Autumn Statement
Chancellor Hunt is due to deliver the Autumn Statement on 22 November, to be accompanied by an Office for Budget Responsibility forecast.
As part of a survey published by Make UK and RSM, the association said the constant changes to policies on investment and research and development incentives in recent years have «significantly hampered» business' investment plans.
«Manufacturers are clear that many aspects of the current tax and regulatory system are not fit for purpose and are failing to promote vital investment in skills, capital and green growth,» said Fhaheen Khan, senior economist at Make UK.
«This is not helped by the fact we have two fiscal statements a year which hampers business' investment planning. We cannot continue with the current flip flopping and policy inconsistency if we are to shake the economy out of its current torpor and promote long-term growth.»
Autumn Statement set for 22 November 2023
Chancellor Hunt is due to deliver the Autumn Statement on 22 November, to be accompanied by an Office for Budget Responsibility forecast.
According to the survey, almost half of companies (44%) believe the UK has an unfavourable business tax and regulatory environment, while more than half (54%) said frequent changes to R&D and investment incentives over the last three years have made it more challenging to plan investments.
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