Stephen Timms – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Stephen Timms on 2015-10-30.

To ask Mr Chancellor of the Exchequer, what steps he is taking to encourage manufacturing.

Harriett Baldwin

Our long term economic plan is working, with the UK growing faster than any other major economy in 2013 and 14. But job is not done, which is why we are working with industry to drive innovation and lead the global race in technology, engineering and manufacturing.

To encourage investment in manufacturing and the economy as a whole, the Government has announced an increase in the permanent level of Annual Investment Allowance (AIA) from £25,000 to £200,000 from 1 January 2016. This incentivises investment in plant and machinery, and SMEs will benefit disproportionately.

Catapult centres are further supporting the UK’s manufacturing productivity and competitiveness, facilitating collaboration and boosting inward investment. £300m has been invested in manufacturing through the High Value Manufacturing Catapult network and over the last year it has worked with over 1,650 private sector clients on over 1,300 projects.