The British Coatings Federation welcomed the Chancellor’s announcements in his first Autumn Statement, notably to stimulate exports and grow infrastructure. In Philip Hammond’s first major announcement as Chancellor, there was an emphasis on R&D, housing and local infrastructure. This will help stimulate investment and greater confidence in the manufacturing industry long-term, particularly given the uncertain economic climate business is currently faced with.

The boost to science and innovation is vital for the success of the Government’s industrial strategy, and the doubling of support for exports is encouraging for the coatings industry to expand in growing markets abroad. The Chancellor has also signalled a welcome recognition that our digital network and local roads are not fit for purpose and need major upgrade.
Tom Bowtell, Chief Executive of the British Coatings Federation, said: “I was particularly encouraged to see long-term investment in economic capital, such as technology, innovation, infrastructure, and skills, all important to the coatings industry, and manufacturing more generally.

It’s a positive move that the Government will encourage private investment with £400 million from the British Business Bank to unlock £1 billion of new investment in innovative firms planning to scale up, and a doubling of capacity to support exporters through UK Export Finance. The UK coatings industry is a net exporter, with three out of five paint companies being regular exporters. It is reassuring to see the Chancellor’s support for businesses that export, as well as investing in infrastructure domestically to ensure the UK is still an attractive place for investment.

Ellen Daniels, Head of Public Affairs and Policy at the British Coatings Federation, said: “Post-Brexit, it is imperative that the Chancellor eases the burden on business to ensure that the UK remains a competitive place to manufacture coatings. The reduction in corporation tax and increased funding for R & D, specifically the Industrial Strategy Challenge Fund, will help ease the burden on business and enhances the UK’s position as a world leader in science and innovation.”