The motor industry this evening sounded a cautionary note after the Chancellor presented his pre-budget statement, and there will be some concern amongst manufacturing companies within the Society of Motor Manufacturers and Traders.
SMMT has consistently highlighted the need to ensure that the tax and regulatory burden on UK businesses is not raised further. The increase in landfill tax, although phased, and the publication of an environmental tax strategy will cause concern to many. In the recent past there have been many examples of environmental measures that have delivered significant extra costs without substantial benefits.
The SMMT was also looking for further measures to encourage innovation and R&D, as well as further efforts to encourage investment in skills and training. The announcement of reviews and task forces to develop further proposals are welcome, but it will be important to ensure that they report quickly and that positive proposals are followed up.
