Robust Industrial Policy Needed to Help UK Manufacturing Sector Stay at the Forefront of Innovation
John Leech, UK head of automotive at KPMG, comments on ‘The Growth Factory’ proposal; a report which explores 30 ideas to re-balance our economy and create growth:
“Manufacturers have been crying out for an effective industrial policy for years. We need to see more details in the coming weeks, but these proposals will send out a clear message to overseas investors that the UK is open for business.
“If the right proposals are implemented, overseas investors will see the UK as a more business-friendly and attractive manufacturing location.
“These proposals are important as bank lending capacity is expected to shrink in the next few years and the ongoing Eurozone crisis will make raising equity and debt finance difficult for UK manufacturers in the near-term. Therefore, overseas investors will be a key source of investment for the economy.
“Of course, we need the government to follow through now and award these infrastructure projects to innovative UK-based contractors so the benefits can cascade through the UK manufacturing supply-chain.”