Manufacturing Industries
The question
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of the Autumn Budget 2024 on the chemicals and plastics sector.
Answered by Sarah Jones
As members of the chemicals and plastics sectors have themselves noted, this budget had many positive points for manufacturers. This includes measures based around the key pillars of our industrial strategy, including net zero, skills, regional growth and innovation.
Notably, industry has welcomed the announcement that a ‘Mass Balance’ approach to chemically recycled plastic will be introduced, encouraging innovation and investment in new recycling technologies within the UK.
The Budget also announced continued support for Energy Intensive Industries through around £350M of funding across 2024-25 and 2025-26 – this includes chemicals and plastics companies.
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