Following sustained and focused advocacy on behalf of the UK print and paper industries, the IPIA is looking forward to the Chancellor's Autumn Statement and the announcement of expanded business tax relief.
Over the course of 2024, the IPIA has worked 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.
The policy allows companies to claim back 25p for every £1 invested in the UK - significantly reducing the cost of machinery and supporting infrastructure investment.
Charles Rogers, Chair of the IPIA comments: "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 included:
- Weekly meetings have been held between the DBT and the IPIA; providing feedback directly from the industry on its economic performance and articulating the support required for it to grow.
- A meeting between IPIA Chair, Charles Rogers, with special advisors to the Prime Minister took place in April at No10 ; where a print and paper economic stimulus brief was delivered and discussed.
- Following this meeting, Charles Rogers was invited to attend a Business Leaders Reception at No10 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; where 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 No10 - 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 MP on October 30th 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.
Charles concludes: "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."