UK: SME suppliers helped by Autumn Statement – KPMG
Measures announced by the UK government in today's 'Autumn Statement' related to tax relief on investment by companies and credit initiatives, will benefit small and medium sized firms in the UK automotive supply chain, according to consultants KPMG.
John Leech, UK Head of Automotive at KPMG, said that the Autumn Statement will bring cheer to UK manufacturers.
“The surprise headline which has captured all the attention is the two year 100% Additional Investment Allowance tax relief for expenditure on plant & machinery up to GBP250,000, which will stimulate investment by SMEs and will boost the supply chains of firms such as Jaguar Land Rover (JLR) and Rolls-Royce.”
Leech also said that the UK government has listened to industry’s complaints about the lack of availability of credit from banks and underlined three key initiatives.
“Firstly further funding for the Regional Growth Fund and Local Enterprise Partnerships will boost manufacturers looking to expand employment. Exporters to emerging markets are a particular source of growth for the economy and they will benefit from the GBP1.5bn export financing plan announced. Finally, the Business Bank will provide GBP1bn of credit to SMEs who are struggling to raise debt finance.
“UK manufacturers that are growing through exports to emerging markets will benefit from the Chancellor’s Autumn Statement,” he said. “These manufacturers’ supply chains are struggling to access credit and are finding it difficult to invest in new plant and machinery. The government has tempered these concerns through the Additional Investment Allowance and additional funding for the Regional Growth Fund and Local Enterprise Partnerships.”
Quarterly and other results to the thirty-oneth of March continued to dribble in this week so let's start by hoisting the Union Jack, drum roll, trumpet blast, and highlight Jaguar Land Rover's 11% fu...
This QUBE report from just-auto provides a comprehensive overview of the global automotive starter motor and alternator sector, major suppliers, top 14 markets, technology trends and market size forec...
I wouldn't have thought that, with the current state of play in the European auto industry, there'd be too much niggle in the union ranks. But we've reported on a bit this week....
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
A rise in profits at British luxury vehicle unit Jaguar Land Rover was not enough to offset an overall fall in fourth fiscal quarter after tax earnings at parent Tata Motors. Nonetheless, results were...
Positioning is paramount in the car industry and Tata Motors' Jaguar Land Rover is in pole position according to Christian Stadler, associate professor of strategy at Warwick Business School in Englan...
- ANALYSIS: Making sense of China's sales volatility
- COMMENT: McLaren comes of age
- Briefing: Tomorrow's steering systems
- ANALYSIS: Kia 'thinks globally, acts locally'
- ANALYSIS: New Corsa VXR & future Opels/Vauxhalls
- Delphi ramps up acquisitions
- General Motors' $1bn plan includes Halol closure
- Negative pricing pressure in China - Ford
- Iranian suppliers mull UK/US cooperation hope
- General Motors adds $1.9bn to Brazil spend
- Global vehicle lightweighting - technology, trends and the future
- Global light vehicle engine technologies market- forecasts to 2030
- Global light vehicle steering market- forecasts to 2030
- Global light vehicle OE tyres market- forecasts to 2030
- Global light vehicle OE wheels market- forecasts to 2030