Manufacturers focus on skills and tax breaks
THE MANUFACTURING sector also outlined its summer budget demands today, asking for tax breaks for investment and access to skills.
The annual investment allowance, which allows firms to deduct the full value of a qualifying item from profits before tax, is currently set at £500,000 and is temporary.
The manufacturers’ body EEF said its wants the new permanent level to be at least £250,000 when it comes up for review, instead of returning to the old rate of £25,000.
The recommendation of having the permanent AIA set at £250,000 was also called for by the Confederation of British Industry.
Meanwhile, it has also said that migration policy must not prevent companies from accessing skilled employees from outside the EU.
It also wants the government to fund apprenticeships through a voucher system.