British industry has reaffirmed its commitment to the green tech sector.
This is the conclusion of a new report published by Make UK, and may make for necessary reading if you are interested in investment planning in Cheshire. Despite reservations about ‘Net Zero’ in some quarters, the report suggests that manufacturers are keener than ever. More than 80% of those surveyed planned to invest in green growth, and in particular renewable energy. This follows previous surveys that found over 90% of companies recognised the importance of Net Zero to their organisations.
There have been calls for the Government to remove green enterprise from business rates in the forthcoming budget. Around 44% of companies believe these are hampering investment in the sector and slowing the drive to a more sustainable, decarbonised economy. Make UK claim that the country’s Net Zero targets will only be met by incentivising companies to meet environmental goals. There is also international competition to consider, with UK costs remaining higher than other leading economies such as France, Germany and the US. This is why, manufacturers argue, it is imperative that Britain stays focused on pioneering cleaner and more secure energy.
UK manufacturers have urged the Government to remove the business rates disincentive, and broaden R&D tax relief. In tandem with lowering long term energy costs, the industry hopes such a move would unleash further green investments.
The report, titled ‘Manufacturing a sustainable future – capitalising on green technologies’, stresses that the three biggest priority areas currently facing UK manufacturers are renewable energy, green supply chain materials and digitalisation.
