Let industry lead UK out of recession, urges chemical leader
Published: 17 November 2008 12:00 AM
Article Type: Business News
Source: Process Engineering Online
London - The chemical industry has called on the Chancellor of the Exchequer to help industry to lead the UK out of recession by taking a few key measures to support chemical businesses. The measures proposed by the Chemical Industries Association cover pension, tax and investment issues as well as the European Union's Emissions Trading Scheme.
With just a few "affordable changes" to tax and regulations, sectors like the chemical industry would be in a stronger position to help Britain emerge from these difficult times, advised Steve Elliott, chief executive of the CIA, who called for:
- A Government underwriting, at least on a temporary basis, of the Pension Protection Fund, which in its current form risks forcing schemes and even businesses to close
- An increase in the scope of the recently introduced Annual Investment Allowance. The present £50K limit is too low for capital-intensive industries like chemicals, said the CIA leader.
- A Government underwriting of credit insurance. Many companies use credit insurance to protect against default on payment. Credit insurance companies are taking an extremely cautious view and withdrawing cover from very large numbers of customers, leaving businesses exposed.
- Scrapping the current proposals for changes to the taxation of overseas earnings, which are in danger of making the UK a less attractive place to keep company Head Offices
"In his Pre-Budget Report, Alistair Darling has the opportunity to take decisive action. If he does so I hope we can avoid factory closures, and keep the wheels of industry turning through this difficult time," said Elliott. "Chemical businesses make products to tackle climate change and provide well paid jobs.
"They are also essential to the economic solution. Year on year the chemical industry in the UK delivers a trade surplus for this country, currently £3 billion. I want this to continue, but at the moment crippling costs and other regulatory proposals such as the European Union's Emissions Trading Scheme are threatening future investment and jobs. The changes we have outlined to Government will help promote the UK as the right place to invest - both now and in the future."
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