Industrial strategy set to benefit UK manufacturers? Make UK survey
Manufacturers believe the UK government’s industrial strategy will bring immediate benefits including accelerating investment projects, according to a report.
A survey by Make UK found that almost two in five companies will increase investment in response to the strategy.
Decarbonisation, artificial intelligence and digital technologies were said to be main focus of investments.
Fhaheen Khan, senior economist at Make UK, said: ‘Manufacturers have long called for an industrial strategy and it’s clear that this is set to bring immediate benefits in terms of accelerating investment projects.
‘However, it’s clear that we’re at a critical juncture for investment, and there is a real sense of urgency.
‘The forthcoming Budget must not only safeguard current incentives but refine them with a set of carefully targeted measures to focus on boosting the take-up of accelerating technologies and innovation.
‘Furthermore, the statement should end the frequent tax changes to incentives we have seen in recent years by committing to a business tax regime which is set in stone for the lifetime of this parliament.’
The report was based on a survey of 170 manufacturing firms.
By Alan Jones, PA Industrial Correspondent
Press Association: Finance
source: PA
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