Budget 2015: UK chemicals industry energised by Osborne’s support

Budget 2015: UK chemicals industry energised

The chemical industry remains a hugely important industry for the UK economy adding a £5bn surplus each year to our balance of trade and providing many of the products for important downstream industries like automotive and aerospace.

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Paul Harnick Head of Chemicals and Partner at KPMG comments on today’s Budget saying:

The UK chemical industry has long campaigned for support with the cost of energy, so the measures announced by the Chancellor are likely to be welcomed by the industry.  However, the UK (and Europe) remains one of the highest cost regions in the world, so more needs to be done if the industry is going to successfully compete with the chemical industry in the US.

The chemical industry remains a hugely important industry for the UK economy adding a £5bn surplus each year to our balance of trade and providing many of the products for important downstream industries like automotive and aerospace.

The success of the UK chemical industry is built on the strength of its products and the quality of its people so the announcements on capital investment allowances, apprenticeships and R&D tax credits are encouraging.  In a hugely dynamic and ever changing industry, future policy focus on support for investment and innovation would further benefit the long term competitiveness of the chemical industry in this country.

-ENDS-

 

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Chancellor’s Budget 2015

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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