The Food and Drink Federation has welcomed UK Chancellor of the Exchequer George Osborne’s move to further cut corporation tax and increase the Annual Investment Allowance.
The trade body for UK food and drink manufacturers said the decisions, declared during the Chancellor's Autumn Statement, would stimulate industry growth.
“This is great news, particularly for an industry which encompasses businesses of all sizes, from global companies choosing to invest in the UK through small to medium-sized businesses looking to grow their operations in response to growing overseas demand for food and drink products,” said FDF director general Melanie Leech.
Leech also praised UK Trade & Investment, the body supporting exporters, for announcing a 25% funding increase and a new export finance facility of £1.5bn.
The British Plastics Federation also supported the Chancellor’s decision for providing more support for the advanced manufacturing chain, including plastics.
More money for the Regional Growth Fund had already benefited plastics firms, it said.