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

HSBC agrees to delay closure of a last...

March 27, 2023

Labour to ease building rules and challenge ‘nimbys’,...

July 8, 2024

Loose Women presenter Kaye Adams wins ten-year IR35...

January 25, 2024

FundMyPitch raises £5.7m to fuel SME growth

June 20, 2023

South Yorkshire selected for £1.5bn mini-nuclear reactor factory,...

September 23, 2024

Why every startup should do a ‘pre-mortem analysis’

June 20, 2024

MOTORS Acquires Cazoo Brand, Set to Launch Innovative...

June 28, 2024

AWS to invest £8 billion in the UK,...

September 11, 2024

The Secret to Staying Energized for Busy Business...

January 29, 2025

Formula One stars team up to allow public...

November 20, 2023

    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

    • Senate shuts down Kaine’s attempt to check Trump’s war powers

      June 28, 2025
    • 3 Stock Setups for the Second Half of 2025

      June 28, 2025
    • Trump touts administration’s progress on peace deals, says world leaders ‘respect our country again’

      June 27, 2025
    • Venezuelan opposition member details harrowing 400-day captivity at UN

      June 27, 2025
    • Anxious Republicans turn to Trump amid divisions over ‘big, beautiful bill’

      June 27, 2025
    • JD Vance poised to clinch victory for Trump’s landmark bill as GOP finalizes strategy

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,081)
    • Politics (15,842)
    • Stocks (3,176)
    • 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