The earnings of the United Kingdom’s collective quarrying and mining sector have been boosted after billions of dollars in investments were pulled from the European Union following the Brexit vote.
Figures released by the British Office for National Statistics show that total investment earnings in mining and aggregates have spiked from a negative £91 million in 2015, to more than £2 billion in 2018.
“The quarrying and mining sector’s earnings have gone from being £91 million in the red, to a whopping £2 billion in the black since the Brexit vote,” Catax’s chief executive of R&D tax reliefs Mark Tighe said.
Catax is a British-based expert company in specialist areas of tax relief, including capital allowances, research and development, contaminated land remediation, and patents.
Tighe believes the bigger earnings have grown from UK quarrying and mining companies holding back on European Union (EU) investments.
Investments from the UK quarrying and mining sector more than halved from £34.4 billion ($AUD66.6 billion) in 2015 to £16 billion ($AUD30.9 billion) in 2018.
“The quarrying and mining industry has clearly made some hard decisions about the future, with investment positions being wound down on both sides of the Channel”, Tighe said.
“But for UK firms these sensible decisions have clearly paid off, with mining and quarrying firms enjoying a boom in earnings, emerging this side of Brexit in stronger position.”
Source: www.quarrymagazine.com
