The trade association said it has spent this year working to educate central government, The Department for Business and Trade (DBT), and the Treasury on the critical need for the expansion of Capital Allowances tax relief – also known as Full Expensing – among a range of other structural and strategic support recommendations.
This policy allows companies to claim back 25p for every £1 invested in the UK, thereby reducing the cost of machinery and supporting infrastructure investment.
IPIA chair Charles Rogers said: “The extension and expansion of business tax relief is critical to assisting with the long-term economic recovery of our industries.
“The IPIA has consistently engaged with government on multiple levels this year to make the case for print and paper – extolling its immense contribution to the economy, society and culture – while advocating for a package of strategic and structural support to support its long-term growth.
“We hope, following extended consultation, that the Autumn Statement will confirm policies that will provide much needed business support and create longer-term stimulus.”
IPIA industry advocacy activities this year included weekly meetings with the DBT to provide feedback directly from the industry on its economic performance and articulating the support required for it to grow; while a meeting between Rogers and special advisors to the prime minister took place in April at No 10, where a print and paper economic stimulus brief was delivered and discussed.
Following the meeting, Rogers was invited to attend a Business Leaders Reception at No 10 in May with the deputy prime minister Oliver Dowden; impressing on him the critical importance of print and paper to the UK economy.
A delegation of representatives from the print and paper industries, including the IPIA and several of its members, then took place at No 10 in July. Here, a roundtable discussion was held with a senior business and economics advisor to the Prime Minister on the contribution of print and paper to the UK economy and society, specifically technological innovation and sustainability.
The IPIA’s economic stimulus brief was sent to the DBT by special advisors at No 10, where it was consulted on before being sent to the Treasury for funding consideration.
The IPIA then sent a letter directly to the chancellor, Jeremy Hunt, on 30 October urging expansion of the Capital Allowances tax relief policy, its top structural economic stimulus request. The receipt and consideration of the letter was confirmed by government officials.
Rogers added: “The level of engagement and proactive consideration of our support and stimulus recommendations has been heartening.
“We look forward to an Autumn Statement that hopefully provides the much-needed policies to provide relief in the short-term, and growth for the UK print and paper industries in 2024.”
Hunt will begin the Autumn Statement in the House of Commons at 12.30pm today (22 November).