TSA, the textile care industry’s trade association, is relieved that there is no increase in fuel duty, as revealed by Chancellor George Osborne in last week’s 2016 Budget statement.
TSA chief executive, Roger Salmon, said the Business Rate Relief for small companies will be welcome to many of its unit shop members.
Popular economic pundits are criticising UK business for its failure to increase productivity. "The TSA argues that this is certainly not the case within our industry, where investment in machinery and smart operational systems have not only increased productive capacity but efficiency particularly in terms of labour and energy."
The restriction on the tax relief on losses and the tax deductibility on interest costs is unlikely to affect the UK laundry, drycleaning and textile rental business.
Salmon added that the continued and tightening pressure on public spending, however, may well restrict the industry in negotiating price increases in order to help to mitigate the increase costs of the National Living Wage.