#Manufacturing has been declining for decades in terms of its contribution to the UK economy
But it remains crucial for rebalancing our economic recovery away from London and the South East
A thriving #manufacturing sector will create thriving regions. Diversifying our economy will make the UK less susceptible to specific shocks
#Innovation matters too – 65% of business R&D is in #manufacturing
That's a huge figure
What are the reasons for #manufacturing decline?
UK's lack of action on #business rates
The current system requires reform - firms are currently penalised for investing in plant and machinery
UK Government spend on R&D is 0.49%
The lowest among the #G8
Companies crave technicians but can't find the staff
Ensuring vocational #education is a route to highly skilled, highly paid careers is the responsibility of both Government and businesses
Energy costs must become more competitive #infrastructure
Get a grip on #productivity
This Government has shown welcome commitment to lifting productivity and protected R&D spending on aerospace, aviation and automotive. But what about other manufacturing sectors?
Government and businesses working effectively together.
It already happens in #automotive and #aerospace
#Steel gives a sharp example of where we didn't think long term. Where the answers didn't come until it was too late.
The #automotive industry provides the evidence that a clear, collaborative approach works.
The industry came together, identified barriers holding back its productivity and put its top 3 proposals to Government.
Businesses must acknowledge the benefits of digital as a means of increasing #productivity
Increase #innovation through collaboration by making the most of partnerships with #universities and #supplychains
