16/11/2001
UK Chancellor promise help for manufacturing sector
Gordon Brown, the UK Chancellor, has promised to introduce revised tax breaks for the UK’s struggling manufacturing sector.
During a speech to the Institute of Directors, the Chancellor said that he understood people’s concerns about the global slowdown and the effects on Britain’s economic growth.
In response to these worries about the health of the UK economy in the post September 11 slowdown, Mr Brown said that the pre-budget report would recognise the contribution of modern manufacturing to exports and innovation.
Several recent economic reports have shown manufacturing output falling, employment declining, and confidence within the sector diminishing.
Mr Brown confirmed plans to further cut capital gains tax on medium term investments, and that Enterprise Management incentives may be boosted as part of a strategy to boost business.
It is also understood that the government may be considering cutting the tax burden on research and development in a bid to maintain innovation. Also proposed are changes to the VAT system to make it more comprehensible to smaller businesses.
Shadow Chancellor Michael Howard claimed that under the Labour government business had been burdened by an additional £10 billion-a-year in red tape and taxation. (SP)
During a speech to the Institute of Directors, the Chancellor said that he understood people’s concerns about the global slowdown and the effects on Britain’s economic growth.
In response to these worries about the health of the UK economy in the post September 11 slowdown, Mr Brown said that the pre-budget report would recognise the contribution of modern manufacturing to exports and innovation.
Several recent economic reports have shown manufacturing output falling, employment declining, and confidence within the sector diminishing.
Mr Brown confirmed plans to further cut capital gains tax on medium term investments, and that Enterprise Management incentives may be boosted as part of a strategy to boost business.
It is also understood that the government may be considering cutting the tax burden on research and development in a bid to maintain innovation. Also proposed are changes to the VAT system to make it more comprehensible to smaller businesses.
Shadow Chancellor Michael Howard claimed that under the Labour government business had been burdened by an additional £10 billion-a-year in red tape and taxation. (SP)
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