Statement from PPMA CEO Peter Williamson on Rt Hon Chancellor Jeremy Hunts Autumn Statement 2023

In his Autumn Statement, the Chancellor announced a number of measures that we hope will have a positive impact on UK Manufacturing.

One measure in particular is the £50 million of funding for apprenticeships to be delivered over the next two years. It is anticipated that this investment will be in the form of additional pilot schemes to encourage the uptake of apprenticeships, particularly in engineering.  It is essential for UK manufacturing that such schemes continue to drive talent towards our sector to reduce the current gaps in skills and labour.

During the spring statement 2023 the Chancellor laid out its proposition for temporary expensing, allowing businesses to write off the full cost of qualifying plant and machinery investment; this was to be in place for three years beginning April 1 2023. During this Autumn statement this has now been made permanent. This decision was heavily influenced by a letter calling for this measure by Make UK and countersigned by key industry leaders, including PPMA.  This policy will no doubt prove invaluable for the growth of UK manufacturing as it surely will unlock investment decisions by companies who utilise the machinery supplied by our member companies.

As we move forward into the Christmas holidays we can all begin to chart our courses and ready ourselves for the work that is in front of us. To grow our workforces and drive our industry further up the leaderboard of manufacturing excellence using these measures to full advantage.