Comment from Tom Jones, ALFED CEO:
“In his Autumn Statement this week, finance minister Jeremy Hunt has confirmed the pre-announced £4.5 billion in funding for British manufacturing to boost investment in eight sectors, including automotive, aerospace and clean energy. According to Hunt, the funding “will leverage many times that from the private sector, and in turn will grow our economy, creating more skilled, higher-paid jobs in new industries that will be built to last.” Hunt also confirmed that current tax breaks for businesses would become permanent, meaning UK businesses can claim back 25 pence in corporation tax for every pound invested in machinery and equipment.
“ALFED welcomes the government’s measures to stimulate UK manufacturing at a time of low economic growth, high inflation and fluctuating materials and energy prices. These factors significantly affect the aluminium sector’s profitability and stability, an industry which directly employs more than 39,000 people in the UK and contributes around £2.9 billion in GVA to the UK economy.
“The sector’s substantial GVA not only helps to enhance the country’s overall economic output, but also boosts tax revenues which support public services and infrastructure development. It is therefore paramount that the government recognises the major contribution that aluminium makes to the British economy, and continues to implement measures like those announced by the Chancellor to ensure the global competitiveness and longevity of the UK aluminium industry.”
