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MACH 2022, the most significant gathering of over 25,000 manufacturers in the UK post-pandemic, takes place at the NEC Birmingham this week against a backdrop of growing cost pressures.
The Manufacturing Technologies Association (MTA), which organises the event, is urging manufacturers to take advantage of the current UK Government fiscal incentive schemes to implement investment strategies that will be crucial to their ability to increase production and insulate themselves from the worst inflationary pressures.
James Selka, CEO, MTA said: “Given current circumstances, there is a strong argument to say that this is one of, if not the most important MACH exhibitions ever. The Government said in its Spring Statement that investment remains a key driver of productivity growth and that by adding to the economy’s capital stock and improving the skills of the workforce, the economy can produce more with the same input from workers.
“This aligns with the MTA’s own view that investment in transformative manufacturing technologies and improved skills have consistently delivered higher productivity levels down the years and will continue to do so. With inflation rising for the first time in decades, UK manufacturers need to implement productivity improvements now in order to avoid having margins squeezed to an unsustainable degree. Now is the time to be brave and make the investments that will reap greater rewards further down the line.”
Transactions worth hundreds of millions of pounds are regularly concluded at the MACH exhibition, making it a positive force for investment. MACH 2022 is not just a five-day exhibition; it will create a large pipeline of high-quality leads and opportunities that will help generate sales long after the show has ended.
Many buyers are expected to be incentivised by Government stimulus packages such as Super Deduction and the Annual Investment Allowance (AIA). Running until 31st March 2023, the Super Deduction scheme means companies investing in qualifying new plant and machinery assets will be able to claim a 130% super-deduction capital allowance on their plant and machinery investment, plus a 50% first-year allowance for qualifying special rate assets.
The Office for Budget Responsibility (OBR) has predicted the scheme could encourage manufacturers to bring forward investment plans, thereby speeding up the rate of recovery, a view supported by the MTA.
“In order to make the step change improvements in productivity and therefore competitiveness, manufacturers need only three things – technologies, the skill to acquire and deploy those technologies, and the finance to make it happen,” said Mr Selka. “Technologies have never been more powerful and affordable, the UK has an incredible reputation for its innovative and flexible workforce, and finance assisted by these Government incentives is incredibly good value and hugely available.”
Ian Taylor, Managing Director for NEC Group Conventions and Exhibitions said: “It is clear there is huge demand for these marketplaces, with people really embracing the return of face-to-face relationships. I’ve no doubt that MACH 2022 will provide the perfect opportunity for global manufacturing businesses to tap into this market demand and explore new technologies.”
For more details visit www.machexhibition.com