Spending Review 2015: EEF says Treasury should remember “increasingly fragile” manufacturing outlook
British manufacturers are warning the Treasury today that deep cuts to research and development budgets would hurt UK growth and exports.
In a submission ahead of next week’s Comprehensive Spending Review (CSR), the EEF manufacturers’ organisation said the Treasury should consider the “increasingly fragile outlook” for exporters, adding that “balancing the books must not be allowed to derail industry’s long-term prospects by creating uncertainty or, adding to the cost burden for globally-exposed manufacturers”.
EEF chief executive Terry Scuoler said: “A much more challenging growth outlook since the summer means the chancellor’s statement must also deliver a stable and supportive business environment for our vital industries.”
The EEF also cautioned over the proposed apprenticeship levy, saying employers need more details on the size and scope of the tax.