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The need for a new Industrial Strategy

In a report published this morning by Make UK, Britain’s manufacturers are calling for the establishment of a Royal Commission as a starting point to develop a long term, modern Industrial Strategy.

📈 This would help provide UK companies with a vision and a stable environment to invest, access talent and grow their business.

Backed by a new Industry Strategy Council to ensure the strategy is monitored by an independent body, it's reported that the Cabinet Office should be given responsibility for policy co-ordination across Government.

💡 99% of manufacturers believe the UK should have an Industrial Strategy

💡 56% of firms don't feel like there has ever been a robust government vision for manufacturing in the UK

💡 75% of manufacturers say an Industrial Strategy would offer a stable business environment

The report comes at a crucial time for the UK economy which risks being squeezed between the substantial impact of the US Inflation Reduction Act (IRA) which is drawing in green investment in particular and, similar counter-measures being introduced by the EU. The IRA alone is worth 1.5% of US GDP which, if the equivalent sum were to be invested in the UK, would be worth £33bn!

Read the full article here: UK Industrial Strategy | Make UK


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