BPF response to Spring Statement 2022

In response to the government's Spring Statement 2022, the British Plastics Federation (BPF) has issued the following statement:

The BPF welcomes the general thrust of the Spring Statement in its support for investment, innovation, jobs and training. Cuts to fuel duty for businesses is a particularly welcome move. Business rates relief worth £7bn over the next five years, subsidising the cost of high-quality training and adopting new digital technologies through the respective ‘Help to Grow’ schemes, improving the R&D tax credit system to support investment in innovation and a continuation of the increased Annual Investment Allowance from £200,000 to £1m will also provide much-needed help to UK plastics companies. As an industry committed to minimising our impact on the environment, measures that will allow businesses to write-off some of the costs when investing in qualifying machinery and plant upgrades are encouraging. At a time of uncertainty and well-documented price volatility, reducing the burden on businesses that need to continue investing in innovation to remain internationally competitive while also meeting their environmental obligations is crucial.