“There’s no way we would have spent what we will over the next couple of years without the nudge of Rishi saying crack on and we will make it worth your while,” he said at the plant near the town of Barnsley.
The scale of the “super deduction” – allowing firms to cut their tax bill by up to 25 pence for every 1 pound they invest – represents a big incentive to bring forward expenditure.
It will cost the government an estimated 12 billion pounds in 2021 and the same again in 2022, 10 times as much as a similar measure announced in 2009 when Britain was seeking to help businesses recover from the global financial crisis.
Naylor Industries will invest in cooling units, extrusion lines for the production of spiral tubing, automated pipe coilers and other equipment to accelerate and expand output.
That will help improve efficiency, Naylor said, just as many British customers are looking to shorten their supply chains to...read more...