Jennifer Fenner managing director of DefProc Engineering has commented on the Chancellor’s Spring Budget.
As expected, the Government has put a lot of emphasis on how it will boost growth in the UK with its “budget for long-term growth”. However, we are currently in a technical recession so big leaps are needed to make this possible.
The emphasis on tech and green industry investment in today’s budget is welcomed and we have been pleased with the evidence of this already, namely last week’s announcement of £21m of investment into seven hydrogen fuel projects across the nation.
This intention seems to be continuing with today’s announcement of £120m investment into the Green Industry Growth Accelerator alongside £270m investment into advanced manufacturing industries.
It was disappointing when the Hydrogen Village trial in Redcar was cancelled last year due to the lack of available supply, but we hope that this apparent forward thinking from the Government will keep the country on track to take part in world-leading trials and ensure hydrogen and low-carbon fuel supply of all types is more robust.
The public service tech investment for the NHS and police service in particular also provides countless future opportunities for innovation partners such as DefProc Engineering to use their expertise and provide solutions to make the UK’s public services more efficient.
As a small business, the move to make “full expensing” permanent allows for more growth. Tax breaks in IT and manufacturing processes as announced in the autumn budget last year is a big win for companies like us and will help us to achieve our aims of becoming innovation partners for more of the country’s most influential organisations.
Similarly, increasing the VAT registration threshold for small businesses offers a lifeline for the future of innovation, enterprise and growth.
