EEF have published a new strategy named Making the Industrial Strategy Work for UK Manufacturing, following a survey carried out by YouGov which demonstrated a public desire for the UK to be a top five manufacturing nation by output.
The report urges the government to fill in industrial strategy gaps, as an industrial strategy will be a crucial component in managing economic change, regardless of the final Brexit deal.
The data revealed that:
- 70% of the public think that the UK should aim to be a top five manufacturing nation
- 82% of adults say a strong manufacturing base is essential for UK economic growth
- 65% of women would be proud to work in UK manufacturing
- 8% of manufacturers say the UK has supportive policies for manufacturing, compared to 65% who say Germany does
Steps the Government must take to achieve the strategy:
- Set out a clear vision of what a successful outcome for Britain looks like, including clear metrics to track progress
- Include a focus on the cost of doing business, which is missing in the strategy.
- Provide guidance on the Sector Deals process to clarify the rules and ensure SMEs can engage
- Set out a plan to roll out Devolution Deals to all areas in England
- Outline how cross-government policy consistency will be achieved, to avoid different departments undermining the objectives of the strategy and each other
What could the strategy help deliver?
- Close the productivity gap
- Grow businesses with more turnover
- Reduce our trade deficit
- Increase the diversity of markets we sell to
- Keep the UK as an innovation leader in Europe
- Catch up with competitors in automation technology
- A greater economic growth
Ms Lee Hopley, EEF Chief Economist, said: “The UK is facing a potentially game changing point as we leavr the EU whilst the sector is also on the cusp of massive technological change and grappling with long-term investment decisions.
Industry will have to be nimble in navigating challenges and quickly grasping new opportunities in order to fulfil public ambition for Britain to be a dominant manufacturing nation.”