A recent industrial trends survey by the CBI has shown that optimism in the manufacturing sector is at its lowest since the global recession seven years ago. This is further supported by a report published this week by the EEF – The Manufacturers' Organisation, demonstrating that business confidence among manufacturers has dropped in every region across the country, with London and the southeast showing the sharpest fall since June.
The CBI poll, taken shortly after the vote to leave the EU, revealed uncertainty amongst manufacturers about the the economic and political conditions abroad and the impact this is having on exports. Chief economist for the CBI, Rain Newton-Smith, does however see the weaker stirling as having a positive effect on export competitivenes and urges the government to establish a clear timetable for negtiations with the EU, so that a renewed industrial strategy can be established to help instil confidence amongst manufacturing businesses.
At Beavis Morgan, our specialist advisers to the manufacturing sector are able to assist with business growth and optimisation. Our Research & Development (R&D) tax credits team have also made a significant number of successful claims on behalf of clients in the manufacturing sector. The reliefs, essential for businesses to innovate and excel, can be extremely beneficial to those engaged in qualifying R&D.
For further information about how we can help you and your manufacturing business, or to arrange a no obligation preliminary meeting to discuss how your company could qualify under the R&D Scheme, please contact Steve Govey or your usual Beavis Morgan Partner.