The Engine, Spring 2024
10 Apr 2024
Published in: Member News
MHA's latest newsletter, The Engine, for businesses in the Manufacturing & Engineering sector is now available.
In this edition of The Engine, we take a look at several issues which businesses in the sector should be aware of, such as the impact of the spring budget, the Corporate Tax Landscape, navigating the Corporate Interest Restriction and measuring your environmental impact, alongside a whole host of other topics.
With signs of Spring taking hold, the industrial landscape continues to face significant challenges. Since the start of the global pandemic, firms have had to contend with inflation hitting a 30-year high, a once-in-a-generation energy crisis, interest rates seeing the steepest series of increases in decades, the pound falling to a record low against the dollar and the outbreak of war in Ukraine and between Israel and Hamas.
Relatively few businesses in the Manufacturing & Engineering sector will have escaped these unprecedented challenges unscathed, but the sector is resilient and innovative. Despite the tough conditions, according to analysis by Make UK, the UK overtook France to become the 8th largest global manufacturer, contributing £224 billion to the economy, supporting 2.6 million jobs, and accounting for 41% of all UK R&D and 15% of business investment. This is testament to how strong the sector is.
As always, MHA are on hand to provide guidance and support. If you would like further information on any of the issues covered, please get in touch via the website: https://www.mha.co.uk/
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