The business and manufacturing support policies announced in the Autumn Statement by the Chancellor are welcomed by the IPIA. They should collectively work to relieve a degree of economic pressure and stimulate investment for the print and paper industries.
Chairman of the IPIA, Charles Rogers comments: "In particular, we are very heartened to see the confirmed announcement of £11bn investment per year in UK manufacturing - through making the 'Full Expensing' scheme permanent. This means that print industry businesses and the supply chain that invest in the UK will reduce their tax by up to 25p for every £1 they spend on plant and machinery.
"The IPIA has focused on advocacy for the extension and expansion of this specific policy since April 2023 - across multiple tiers of Government - and we are very hopeful this will strengthen market confidence and stimulate long-term sector growth."
The IPIA also identified the following policy announcements as being potentially beneficial for the UK print and paper industries. Each it is hoped will contribute to strengthening the hand of UK manufacturing, and are inline with the calls from the IPIA for such stimulus policies:
- The £4.5bn investment in advanced manufacturing and green energy in the form of subsidies and grants
- New simplified research and development tax relief - combining the existing expenditure, credit and assembly schemes and a cut in tax by 6 percent for firms that make losses following research and development expenditure
- £50m in funding to increase support for business taking on apprentices - particularly in an engineering capacity
- One year extension to the existing 75 percent business rates relief for retail, hospitality and leisure (This will support a key breadbasket print buying sector and hopefully work to uncork marketing investment)
- A freeze on the small business multiplier for business rates
- A 2 percentage point cut to national insurance
Charles concludes: "Our work to advocate on behalf of the UK print and paper industries will continue. We urge any sector businesses that wish to provide feedback on trading conditions or the impact of Government policies to do so. This information is kept confidential and is passed directly to The Government Department for Business and Trade."
