Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

British industry held back by “flip-flopping” Conservative government decisions

by May 9, 2023
May 9, 2023
British industry held back by “flip-flopping” Conservative government decisions

Britain’s manufacturing leaders have given a damning verdict on a decade of “flip-flopping” by Conservative governments and demanded a non-partisan industrial strategy established by a royal commission and overseen by a council independent of ministers.

The industrial and manufacturing employers body Make UK will warn today that without a new industrial policy companies will remain at a competitive disadvantage and see investment sucked away to the United States and the European Union.

Stepping into the void to be a voice for business created by the implosion of the CBI, Make UK accuses the government of hindering industry.

“A lack of a proper, planned industrial strategy is the UK’s Achilles heel,” said Stephen Phipson, chief executive of the body formerly known as the Engineering Employers’ Federation, which speaks for 20,000 manufacturers from multinationals to start-ups.

“Every other major economy, from Germany to China to the US, has a long-term national manufacturing plan [underlining] the importance of an industrial base to the success of its wider economy. The UK is the only country to not have one.

“We cannot keep flip-flopping from one initiative to another without setting these in the context of a long-term, wider plan, which has consensus and is independently monitored.”

A report by Make UK after consultation with 312 industrial leaders found a sector that believes that successive Conservative administrations have failed to deliver “a robust vision” for manufacturing. It has left the country short of the technical and management skills required to deliver innovation, the green transition and industrial digitalisation and to face up to the challenges and opportunities created by artificial intelligence.

It says that if the UK reacts in kind to the green industrial revolution commitments of the $370 billion US Inflation Reduction Act and the response of the EU, the prize would be a rebuilding of the UK manufacturing sector back to 15 per cent of the national economy, from 10 per cent at present.

In the absence of a plan from Rishi Sunak and Jeremy Hunt, Make UK has produced its own template for an industrial strategy. It calls for a royal commission to agree industrial and economic ambitions and produce goals and targets, a framework that would create “a stable environment to invest, access talent and grow business”.

That would then give way to an independent Industry Strategy Council to monitor the implementation and co-ordination of policy delivered at the heart of government by the Cabinet Office rather than the business department, which should be stripped of the role.

In an article for The Times today Phipson, a former senior civil servant, says that successive governments have been hooked on “short-term quick fixes”, which have impeded economic development.

Read more:
British industry held back by “flip-flopping” Conservative government decisions

0
FacebookTwitterGoogle +Pinterest
previous post
White House press secretary slips up and says US averages 1 shooting a week, after saying more than 1 per day
next post
700,000 missed rent and mortgage payments in April due to inflation crisis

You may also like

Mastering CrossFit Management: Software Solutions for Success

January 16, 2024

Sunak scraps A-levels and T-levels combining them into...

October 4, 2023

JPMorgan Chase & Co. surges ahead in AI...

June 8, 2023

Over one million taxpayers face fines after missing...

February 3, 2025

HMRC gains only £14.4m in extra tax from...

July 19, 2024

EBay fined $3m over ‘criminal’ harassment of bloggers

January 13, 2024

How to manage employees with Christmas party time...

December 13, 2022

One in six UK workers struggling to pay...

July 12, 2025

How To Make A Good First Impression On...

June 11, 2024

Microsoft and Airbnb commit to supporting a lasting...

August 11, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Republican senator claims RFK Jr. mRNA vaccine decision undermines Trump agenda

      August 7, 2025
    • Who is Anita Dunn? The Biden confidante who clashed with Hunter grilled in House autopen probe

      August 7, 2025
    • Case v. Montana Brief: Limit Loopholes to the Fourth Amendment

      August 7, 2025
    • Trump opens $9tn US retirement market to crypto in landmark executive order

      August 7, 2025
    • What Should We Learn from China’s Nuclear Construction Costs?

      August 7, 2025
    • Closing the Primary Care Gap

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,182)
    • Politics (16,333)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved