23 Jul 2024

Make UK reacts to Budget Statement: Calls for permanent full expensing and extension of recovery loan scheme

Devolved nations growth

In response to the Budget Statement, Stephen Phipson, Chief Executive of Make UK, emphasised the significance of the government’s focus on manufacturing, citing it as a vital sector for the economy’s future.

Phipson commended the extension of full expensing to leased assets, particularly highlighting its benefit to smaller companies. He urged for swift draft legislation to make this measure permanent.

Fhaheen Khan, Senior Economist at Make UK, underscored the importance of making full expensing a permanent fixture, noting its significant impact on capital expenditure for UK businesses. Khan also praised the government’s commitment to exploring new avenues to attract investment, particularly emphasising the potential for supporting sustainability goals.

Regarding the extension of the Recovery Loan scheme, Faye Skelton, Head of Policy at Make UK, welcomed the move, recognising its importance in providing support to small businesses, particularly in the manufacturing sector. Skelton emphasised the critical role of smaller manufacturing businesses in the UK economy and highlighted the scheme’s contribution to ensuring their long-term viability.

Company info: Make UK