Commenting, EEF Director General,
Martin Temple
said:
“There was little added value for business from today’s statement. Whilst there were some small steps towards tax simplification which are welcome, there were, as always, further piecemeal measures with the potential for unintended consequences.”
“In particular, the changes to capital gains tax are another example of a policy change which is rapidly reversed with no consultation and may have negative consequences for investment.”
“Despite welcome safeguards, companies will also be concerned at proposals to introduce a Supplementary Business Rate adding further costs to business activity.”
Science, Innovation & Skills
EEF welcomed measures to invest in the supply side of the economy, especially those emerging from the Sainsbury Review on education, science and innovation.
Environment & Climate Change
EEF welcomed the announcement of an environmental transformation fund as a limited step to increase spending on environmental technologies.
UK Trade & Investment (UKTI) funding
EEF expressed its concern at the failure to provide UKTI with an adequate level of funding.
“Given the increasing dependence of the UK economy on overseas trade and the need to take advantage of growing world markets, business will find it difficult to understand the lack of priority given to export promotion.”