Trade bodies are calling upon Chancellor Philip Hammond to use his forthcoming Autumn Statement to introduce a \u201cmoderate fiscal stimulus package\u201d to boost growth in the manufacturing sector.<\/p>\n
The calls come from EEF, which says that UK manufacturers are in need of support, after a survey revealed that up to a quarter are holding off plans for expansion and investment in the wake of the European Union (EU) Referendum.<\/p>\n
According to the EEF, \u2018increased political volatility\u2019 has had a knock-on effect to growth in the sector.<\/p>\n
However, despite the trade body\u2019s concerns, data released in recent weeks suggests that UK factory output increased by 0.6 per cent in September 2016 \u2013 exceeding the expectations of economists, many of whom predicted a rise of just 0.4 per cent.<\/p>\n
Nevertheless, the EEF has proposed a fiscal stimulus package with a view of supporting firms in the sector with increased research & development (R&D) tax credits and additional funding to support exports.<\/p>\n
The trade body has also called for the Government to \u2018push through\u2019 infrastructure commitments to support the sector.<\/p>\n
Terry Scuoler, EEF chief executive, said: \u201cThe whole of Government must get behind UK businesses and demonstrate a clear appreciation of the need to back such a strategy, backing sectors while also tackling systemic problems such as skills, energy costs and infrastructure weaknesses.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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