The Autumn Budget offers some cautiously positive signals for the North East’s process industries, particularly at a time when our members are facing sustained economic pressures.
Dai Hayward, NEPIC Chair comments: “The revised economic outlook from the OBR underlines just how crucial it is to tackle the cost of energy and carbon, and we will be paying close attention to the outputs of the consultation on wider energy relief within the British Industry Competitiveness Scheme. For some parts of the process industries, current energy and carbon policies represent an existential challenge to these companies’ global competitiveness. The OBR’s analysis of zero growth over the next 4-5 years reinforces the scale of this challenge.
“We recognise the value of the Government’s move to increase apprenticeship opportunities and funding to fill a growing skills gap. However, the ongoing limitations of the existing levy structure continue to hinder employers’ ability to channel investment into the skills development our sector urgently needs.
“The team at NEPIC will be consulting with members in the coming weeks and months to understand how the latest budget impacts their operations and we will continue to be a collective voice for the sector ensuring our region’s interests are heard at the highest level.”