FEA joins Make UK’s call for new government to create an industrial strategy
FEA joins Make UK’s call for new government to create an industrial strategy
Lack of a plan is UK’s ‘Achilles heel’
The UK needs a comprehensive industrial strategy – that’s the message to the new government from FEA, Make UK and other associations that represent UK manufacturers. In an open letter to Kemi Badenoch, Secretary of State for Business and Trade, and Jonathan Reynolds, the Shadow Secretary of State for Business and Trade, they call for a skills revolution to be at the core of the new strategy, since the skills shortage is a critical issue for many companies in the manufacturing sector.
The UK is the only major economy not to have an industrial strategy – and the letter describes this lack as the country’s Achilles heel.
“Germany, China, the US… all the G7 countries have a long-term national manufacturing plan,” says Paul Anderson, chair of FEA. “A thriving industrial base is vital to the success of the wider economy. If we are to compete on a global stage, a national strategy for industry is imperative.”The letter points out how important the manufacturing sector is to UK PLC: it contributed £224bn of gross value added in 2023, employs 2.6 million people and is a major driver of innovation.
The sector’s ambitious aim is to boost manufacturing’s contribution to GDP from 10% to 15% by the end of the next decade. Achieving this target would inject an additional £142 billion into the UK economy, proving that manufacturing growth goes hand in hand with increased prosperity for all.“An industrial strategy is central to these aims,” says Anderson.
“The UK manufacturing sector has proved its ability to adapt and grow, even in the toughest of conditions. During the pandemic it was indispensable, supplying essential goods such as food and life-saving medicines and equipment. The global supply chain disruptions highlighted the critical role UK-based manufacturing plays in ensuring our economic resilience.“An industrial strategy, backed by smart policies and inspiring the very best of the country’s young talent, can pave the way for a brighter, greener, and more prosperous future for all.”
For more information on Make UK visit www.makeuk.org
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