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.  

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

“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.

See Also:

“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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.