Today (09 May 2023) Make UK has published its report Industrial Strategy – a Manufacturing Ambition, calling for the establishment of a Royal Commission as a starting point to a long term, modern industrial strategy. The report sets a target of growing the manufacturing sector to 15% of GDP which is estimated would add an extra £142bn in output annually, creating high-skill, high-value jobs.
The report comes at a crucial time for the UK economy which risks being squeezed between the substantial impact of the US Inflation Reduction Act (IRA) which is drawing in green investment in particular and, similar counter-measures being introduced by the EU. Furthermore, the last few years have seen competitors, in particular France and Germany, implement far reaching industrial strategies towards 2030. The IRA alone is worth 1.5% of US GDP which, if the equivalent sum were to be invested in the UK, would be worth £33bn.
In response, Make UK outlines an ambition not just to address the accepted challenges around skills, innovation, infrastructure and the business environment but, the opportunities from a rapidly changing policy landscape including green transition, digitalisation, levelling up and accelerating technologies such as AI and Augmented Reality.
As an Affiliate Partner of Make UK, Composites UK will work alongside this initiative to help our sector move forwards.