Make UK comment on speech by the Chancellor of the Exchequer

Commenting on the speech today by the Chancellor of the Exchequer, Stephen Phipson, Chief Executive of Make UK, said:

“Industry will welcome the focus on the four E’s and efforts to boost productivity and boost growth. The Chancellor is quite right to say that if we tackle these four areas they will go a long way towards solving the many challenges our economy faces. Manufacturers have for years been calling for a long term economic vision allied to an industrial strategy that sets out how industry can work with Government and academia to harness the UK’s undoubted strengths in science, research and innovation and today is a recognition of the importance that advanced manufacturing will play in this.

“However, while there is huge resilience in industry and many areas where we are very successful, we have to be honest that there have been some hugely damaging big picture issues caused by the absence of an industrial strategy which are impacting on some of our strategic sectors. This has huge implications for industry moving forward and requires urgent attention and focus if these vital sectors are not to suffer further damage.”