Manufacturers’ organisation EEF called for progress on growth to be monitored by the National Audit Office and for immediate measures to be taken to boost investment.
As part of its Budget submission, which it launched at its National Manufacturing Conference yesterday, top of EEF’s wishlist is the introduction of a two-year temporary increase in capital allowances to 100%.
Then the organisation proposes a commitment to removing the Carbon Price Floor by 2015, and the reduction of the employer national insurance contribution rate by 1% for those taking on new employees aged 18-24.
Other priorities include ensuring that the new National Loan Guarantee Scheme, which is designed to reduce the cost of credit, is widely available to businesses.
EEF chief executive Terry Scuoler said: “The Chancellor must use his budget statement to send out a clear signal to business that now is the time to be increasing investment and that Britain is the place to do it.”
“The government has a clear plan for reducing its deficit. It needs to match that with clearly articulated ambitions for the economy that provide clarity for business about where the government will focus its resources,” he added.
In its submission, EEF reiterated its support to the government’s deficit reduction programme and called for a focus on four key aims and measures of success, to be monitored by the National Audit Office:
- Increasing companies’ ability to bring new products and services to market;
- Encouraging more globally-focused companies to expand in the UK;
- Promoting lower cost methods of conducting business in the UK;
- Promoting a more productive and flexible labour force.