Commenting on what today’s Spring Budget means for UK manufacturers, Stephen Cooper, Head of Industrial Manufacturing, KPMG, said:
“The Spring budget clearly makes the link between education and productivity which was identified as the most effective way to improve productivity in the KPMG Rethink Manufacturing survey. Technical education and clear career paths are critical to ensure the long-term success of UK manufacturing in the age of ‘Industry 4.0’. It is helpful that the Chancellor has taken some steps with this focus on education for the future of the industry. I am encouraged to see the measures announced today related to returnships and childcare, and am hopeful that this will go some way to improving gender diversity in manufacturing. It’s vital that at every level, of education and industry, we remain fully committed to encouraging diversity of all kinds, not just gender.
“Further, investment in STEM research, and disruptive technology is clearly welcome, and I would encourage manufacturers to take advantage of this. However, it’s a shame the Chancellor didn’t use this opportunity to increase the value of the R&D Expenditure Credits regime to encourage manufactures to invest.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 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.