Britain's manufacturers are clamouring for the reform of business rates in the wake of this week's Budget.

These manufacturers are hoping for plant and machinery to be removed from rateable calculations, reports Themanufacturer.com.

By taking rates away from this area of manufacturing, it would help to boost capital intensive sectors, including the likes of steel.

Further to this, the Manufacturer's Organisation (EEF) has published data showing that 42 per cent of companies said they would be more likely to invest more money in businesses if plant and machinery were no longer subject to business rate calculations.

Of those who were asked, it seems that manufacturers with a turnover of less than £5 million and those whose turnover is over £50 million would be more likely to increase their investment if these changes to business rates happen.

Lee Hopley, EEF chief economist, said: "Given manufacturers' investment intentions are currently subdued, [the] government needs to act now to remove this tax on investment and help to anchor manufacturing in the UK."