On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget, accompanied by a full fiscal statement from the Office of Budget Responsibility (OBR). Britain’s chemical industry has expressed that a future for the UK can be built on a policy partnership with the Government.
In a detailed submission to the Chancellor’s Budget considerations, the industry presented 35 specific proposals for policy changes, covering areas such as the Government’s recent industrial strategy, net zero goals, investment in people, and innovation.
The Association is advocating for the following actions
- The establishment of a collaboration between Government, industry, trade unions, academia and other stakeholders to assess the required actions and develop a strong industrial strategy.
- The creation an independent Office for Industrial Strategy responsible for scrutiny, monitoring, and measurement of the Industrial Strategy.
- Ensurance that Government works more closely with devolved administrations and the regions including metro mayors so that there is one single UK approach to business growth.
- The appointment of a Department for Business and Trade Minister who is responsible and accountable for delivery and reporting on the continuing progress of the Industrial Strategy.
- A revision of GB REACH fees so that they are proportionate rather than identical to EU REACH fees. The UK fees need to reflect the smaller market size companies will be paying for.
- A streamlining of Environmental Social Governance (ESG) reporting processes – without lowering standards - to remove the administrative burden on companies, enabling them to focus on the transition progress.
