EEF calls for investment tax breaks

Chancellor Alistair Darling is being called upon to increase tax breaks for investment in the upcoming Budget in order to promote investment and protect skills to allow manufacturers to recover. The manufacturer's organisation EEF, along with twelve others, is urging Darling to raise the annual investment allowance from £50,000 to £250,000 amid warnings that the economic environment for manufacturing is at its worst for more than 30 years. Previous tax changes have proved unfavourable to manufacturing investment, it says, and according to EEF chief economist Steve Radley, a short-term measure is needed to offset these previous initiatives. Radley added: 'The government must back its rhetoric on the need for a more balanced economy with firm actions targeted at supporting companies' efforts to retain skilled employees and maintain investment.'
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