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UK extends tax break for manufacturers to cushion COVID-19 hit

Outbreak of the coronavirus disease (COVID-19) in Wellingborough
Outbreak of the coronavirus disease (COVID-19) in Wellingborough

LONDON (Reuters) - Britain's finance ministry said it would extend a tax break to stimulate investment in manufacturing by a year in an attempt to help companies weather the COVID-19 pandemic.

The temporary 1 million pound allowance for tax relief would be extended until Jan. 1 2022 for businesses such as manufacturers which make capital investments in plant and machinery assets, the Treasury said.

Figures published earlier on Thursday showed output in manufacturing remained 8.1% below where it was at the end of last year.

(Writing by William Schomberg, editing by David Milliken)