THE Government is being urged to reverse the slump in manufacturing investment amid fears that new figures will show the sharpest fall since records began.
The Engineering Employers' Federation (EEF) said measures were needed in next month's Budget to tackle the alarmingly low level of investment.
Official figures published today are expected to show the biggest fall in manufacturing investment since records began in the 1960s, even dwarfing those in the deep recessions of the 1960s and 1990s.
The EEF said spending was unlikely to pick up this year by anything like the Government's projection of three per cent.
EEF director general Martin Temple said: "While Britain's manufacturers are pulling out all the stops to be ready for an economic upturn, increasing costs of tax and regulation, and growing uncertainty, are constraining vital investment decisions.
"In these circumstances, the Chancellor must not add to manufacturers' costs. He must also take the opportunity to introduce measures to build confidence and support investment decisions vital to our future growth."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article