Suneeta Johal, CEO of the Construction Equipment Association (CEA) Shares her perspective on the recent Autumn Statement by Chancellor Jeremy Hunt:
“The recent Autumn Statement by Chancellor Jeremy Hunt represents a thoughtful and strategic approach, acknowledging the necessities of the industry and introducing a forward-looking strategy to enhance investment. This statement marks a positive development, especially for the manufacturing sector, which values the emphasis on resolving enduring economic issues. The decision to make full expensing permanent provides the clarity and stability businesses require for their investment decisions.
Additionally, the new initiatives to improve engineering apprenticeships and advance manufacturing signify a proactive effort to develop high-value growth and skilled employment, shaping a robust future economy.
The Chancellor’s commitment to making the full expensing policy a permanent fixture is a landmark achievement. The ability for companies to claim 100% capital allowances on qualifying plant and machinery investments, and write off the cost of investment in one go is not just a financial boon; it’s a catalyst for accelerated growth and modernisation.
This significant policy change, a result of concerted efforts by MAKE UK, CBI and the Construction Equipment Association alongside over 200 organisations, stands as an example of the powerful outcomes that can be achieved through collaborative industry-government engagement.
However, the absence of discussion on fuel duty is particularly disappointing. In an industry where fuel costs substantially impact operations, this oversight is a missed opportunity.”
Statement in full:
Chancellor Jeremy Hunt’s initiatives were positive and we recognise them as significant steps towards establish