On 26th November, HMRC’s Department for Business & Trade unveiled its much-anticipated Advanced Manufacturing Plan. This plan was released shortly after the chancellor announced £4.5 billion in funding for growth and innovation in the manufacturing sector.
The objective of the Advanced Manufacturing Plan is to position the UK as one of the world’s leading manufacturing nations. To achieve this, the plan outlines three key priorities, each designed to address specific challenges and capitalise on opportunities that lie ahead.
Investing in the Future of Manufacturing
The first priority is a commitment to invest in the future of manufacturing. The plan recognises the importance of research and development, innovation, and the adoption of cutting-edge technologies to drive productivity and competitiveness.
Cooperating Internationally and Building Supply Chain Resilience
Recognising the importance of global trade and the challenges it brings, the plan highlights the importance of international cooperation and building supply chain resilience. In an era marked by challenges to global trade challenges such as geopolitical instability, disruption to shipping channels and unexpected movements in foreign currency rates, the plan advocates for the diversification of supply chains to mitigate risks and enhance overall resilience.
Reducing Costs and Removing Barriers to Boost Competitiveness
To enhance the competitiveness of the UK manufacturing industry, the plan addresses the imperative of reducing costs and eliminating barriers that impede growth.
Industry Support and Positive Response
The unveiling of the Advanced Manufacturing Plan has gained widespread support from industry leaders and organisations in the manufacturing sector. Renowned manufacturing bodies such as Make UK, The Society of Motor Manufacturers & Traders, and many others have expressed optimism about the plan’s potential to drive growth and innovation within the sector.
How can we help?
Hawsons has a dedicated team of specialist manufacturing and engineering accountants in Sheffield, Doncaster and Northampton.
Our specialist team offers a wide range of services which are tailored to meet your individual needs. Our understanding of the issues faced by the manufacturing and engineering businesses means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.
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