CIA responds to the Chancellor’s Spring Budget 2024
A promise for tomorrow but very little today.
The Chemical Industries Association (CIA) welcomes measures announced in today’s budget however industry says it falls short in addressing the pressing challenges faced by UK chemical businesses amidst global competition.
Steve Elliot, Chief Executive of the Chemical Industries Association said:
“As the sector that is the UK’s second largest manufacturing exporter, we welcome the extension of full expensing to leased assets and the overall recognition of manufacturing, as well as the improvements to childcare benefits that will allow more people to take on more skilled jobs. After November’s autumn statement, today’s budget was another step in the right direction for supporting investment and growth, but, frankly, it’s a limited and long-overdue step. UK chemical businesses are facing huge competition from other parts of the world in terms of cheaper energy costs and more competitive and stable investment climates, so I remain at a loss over how we compete NOW. We are ready to play our part in delivering those critical clean-tech solutions for society, but we need far greater urgency and ambition, framed around an industrial strategy for our country and our sector”.
