NFU welcomes Chancellor's boost to farms' capital investment
An increase in the annual investment allowance from £25,000 to £250,000 announced in Chancellor George Osborne's Autumn Statement, which will bring forward tax relief on plant and machinery investments from January 2013 for a two-year period, has been welcomed by the NFU.
The NFU's chief economist Phil Bicknell said: "Immediate spending increases on plant and machinery may be limited for many following the challenges of this year’s harvest, but this will undoubtedly boost farm business investment over the next two years."
However he warned: "As ever, the devil is in the detail. We will study all relevant announcements in greater depth as they become available, and assess the full impact of the Chancellor’s plans on agriculture."
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