Spring Budget 2024: Focus on Manufacturing

There were a number of initiatives around the edges, such as the fuel duty freeze, that will benefit manufacturers and the SME sector but little direct assistance unless you are in the technology sector, which saw the majority of investment announcements.

But, despite the new tax reliefs and investments intended to help establish the UK as a world leader in high growth industries, including the creative sector, advanced manufacturing and life sciences, I question where this money is going to be delivered.

If it mainly ends up with large, listed companies and original equipment manufacturers, how is this going to benefit the supply chain and SMEs who make up the vast majority of suppliers?

On the announcements on Small Modular Reactors, I welcome the decision to seek initial tender responses by June this year but, now that we are free from EU constraints I would hope that UK owned and based companies are favoured, with the consequent knock on effect for our nuclear supply chain.