BPF response to Spring Statement 2022
The British Plastics Federation has issued its response to this year's Spring 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.