BPF Welcomes Autumn statement from Chancellor

BPF commented: ''The Budget statement amounts to a useful series of initiatives. We particularly welcome the proposals for national infrastructure improvements. This will be a boost not only to construction products manufacturers, a market accounting for about 25% of plastics usage in the UK, but also for producers of the equipment used in building a lot of which contains plastics components.
 
A further important advance, spelled out in the fine print, was the increase in the climate change levy discount on electricity will be increased to 90 per cent.from April 1st 2013 currently at 65% this had earlier been announced to increase to 80 percent at that point.Within the plastics industry this significant concession will only be available to members of the BPF's Climate Change Agreement only.

Overall the statement broke with tradition to some extent by a lesser reliance on fiscal measures. It's good that corporation tax has fallen again but the link between tax cuts and growth is somewhat debatable. The cancellation of the 3p fuel duty in January is good news and together with the credit easing for small firms and the reduction in HSE red tape will provide some relief for the many smaller businesses in the industry.The announced review of the operation of R & D tax credits could help stimulate innovation in a broad sense.
 
It will be important for the government to market the availability of its new funds, partnerships and schemes very thoroughly. This is where governments have historically fallen down. They haven't facilitated access to the funds made available by new initiatives very well''.