in Aerospace

ADS welcomes Chancellor's actions on R&D tax credits and business rates

Posted 22 November 2017 · Add Comment

ADS welcomed specific measures announced by Chancellor Philip Hammond today on R&D tax credits and business rates but noted that action to boost productivity is essential to boost UK competitiveness.


Courtesy gov.uk

In the November Budget, the Chancellor announced:

•    The R&D tax credit for large companies would rise to 12% – sending a signal that the UK is open for innovation, and encouraging aerospace and defence companies to invest.

•    Business rates will be uplifted by CPI inflation rather than RPI from April 2018, two years earlier than planned, saving business an expected £2.3bn.

However, Office for Budget Responsibility forecasts for productivity growth have been revised down, highlighting the urgent need for decisive measures to support supply chain productivity growth.

ADS Chief Executive Paul Everitt said: “Stagnating productivity is a national challenge. Addressing it is crucial to making sure UK companies can compete on the world stage in the years ahead.

“Businesses will welcome the Chancellor’s measures to incentivise private sector investment in R&D and minimise increases in business rates.

“However, Government must take decisive action to support supply chain productivity.

“Investment in productivity improvement programmes will support UK manufacturers to meet international demand for our high quality products and provide the best response to Brexit uncertainties.”

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Aerospace industry adaptation

Neil Cayley, Lead Consultant at Jonathan Lee Contract Recruitment, explores current issues affecting the aerospace industry and explains why adaption is vital to meet the challenges that lie ahead.

Esriís ArcGIS Online to provide info platform for Autonomous Warrior 2018

Esri UKís cloud-based mapping and analytics platform, ArcGIS Online, will provide the vital information integration and collaboration platform for Autonomous Warrior, part of the 2018 Army Warfighting Experiment (AWE) series.

Peli opens new offices in Ankara

As part of its continued growth in the EMEA region, Peli has announced that it is opening new offices in Ankara, Turkey.

Royal Navy helps STEM event go with a Big Bang

The Royal Navy recently brought their engineering expertise to Perth when they participated in a major Science, Technology, Engineering and Maths (STEM) event.

CAA announce airspace restrictions for RAF100 flypast

The UK Civil Aviation Authority (CAA) has announced a series of airspace restrictions to protect the flypast in July to commemorate 100 years of the Royal Air Force (RAF).

Gulf Airís twice daily London-Bahrain service takes off

Gulf Air has launched its twice daily Boeing 787-9 Dreamliner service connecting Bahrain International Airport and London, Heathrow.

Air & Ground SK1704230718
See us at
AdvancedEngin BT1406011118FIL18 BT111017220718DVD18BT3105200918SMIFAVSBT151118SMI GMSCBT3005081118