THE GOVERNMENT should implement greater tax breaks for the manufacturing industry, a leading businessman has said.
Jim McColl, chairman of engineering firm Clyde Blowers, told the Financial Times that only an emphasis on manufacturing could rebalance the economy. He called on ministers to offer corporation tax “holidays” to industrial businesses that invest in the UK.
Under the proposals, taxation would be suspended on all profits in a set period of up to five years if the company could prove the investments were viable.
The FT reports that, although the Treasury is unlikely to take on board the proposals, McColl has had influence over government policy on trade insurance offered by the Export Credits Guarantee Department.
“Britain needs more manufacturing and more investment to create jobs and get the economy moving, and this is one way to achieve that,” he said.
A similar scheme is in place in China, he added.
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