Manufacturers call for MOT of UK's business tax & regulation system

10 October, 2023

Conversely, manufacturers believe that a more favourable environment with the simplification of incentives, tax and regulations would ease the burden on business, while more than half

(54%) believe that frequent changes to R&D and investment incentives over the last three years have made it more challenging to plan investments. By contrast, fewer than a fifth (16%) felt the changes had allowed their business to increase investment.

The most effective policy tools to promote investment and growth were capital allowances for plant and machinery (73%), R&D tax credits (65%) and a competitive Corporation Tax system (59%) while more than half (55%) believe the current policy of full expensing should be made permanent.

The survey also shows manufacturers believe an industrial strategy would have clear benefits with more than two thirds of manufacturers (67%) saying it would lead to greater investment in labour and skills, almost two thirds (61%) saying it would aid investment in R&D and almost half (45%) saying it would support investment in de-carbonisation and net zero.

The survey of 150 companies was carried out between and 26 July and 19 August

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