Commenting on the extension to the Annual Investment Allowance, Steve Watts, a partner at BDO said:
“Many manufacturers have gone into survival mode in 2020 amid COVID-19 and Brexit uncertainty, and have had to defer investments in plant and machinery assets.
“Our most recent survey conducted with Make UK revealed a worrying decline in investment intentions among manufacturers, which does not bode well for an industry seeking to boost its productivity and compete in the global market.
“The one year extension to the Annual Investment Allowance cap of £1 million to 1 January 2022 is therefore hugely welcome and is aimed at encouraging investment in plant and machinery during these uncertain times. However, this is yet another short term measure when the industry is crying out for a comprehensive Government strategy which provides greater certainty and allows for longer term investment planning.”
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