The Future of UK #Manufacturing

How a sector vital for prosperity can arrest its decline

#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