The impact of coronavirus on supply chains in 2020/21 has been immense. What started as a problem for China rapidly evolved into a global catastrophe, with supply chains experiencing considerable disruption due to trade restrictions and material shortages.
The impending corporation tax hike from 19% to 25% for businesses reporting profits of £250K or more was one of the less welcome changes brought in by the 2021 budget and met with a mixed response from the business community. The changes come into effect from April 2023, with corporation tax being applied on a sliding scale, from 19% on small businesses filing £50,000 or less in annual profits, to the full 25% on everything in excess of £250,000. Many businesses were critical of the move because, like many tax increases, the bulk of the burden is likely to fall on successful SMEs rather than large corporations, with the risk of the 6% hike deterring investment in growth at a time when it is sorely needed.
In a previous article, we speculated on trends that may play a greater role in the manufacturing industry throughout 2021 and beyond. These included a greater emphasis on workplace safety, increased adoption of automation and machine monitoring, and greater engagement with the Internet of Things in response to remote working and flexible shift patterns.