Manufacturing Technologies Association applauds new UK Government’s industry commitment

17 July, 2024

The Labour Party’s manifesto outlines a strategic partnership through a new industrial strategy that is both mission-driven and future-focused. This strategy aims to exploit emerging opportunities and eliminate growth barriers. A notable aspect of this plan is the establishment of an Industrial Strategy Council on a statutory basis, ensuring representation from all regions, businesses, and trade unions. This marks a significant move towards long-term economic planning and stability.

Key initiatives in line with MTA’s vision:

Investment in Key Sectors: The allocation of £7.3 billion through the National Wealth Fund aims to upgrade ports, build supply chains, and support the automotive and steel industries. Investments in gigafactories and green hydrogen manufacturing are expected to position the UK as a leader in sustainable technologies.

Public-Private Partnerships: Labour’s commitment to using public investment to unlock private sector funds aligns with MTA’s belief in collaborative growth. The aim to attract £3 of private investment for every £1 of public investment is anticipated to create jobs and spur innovation across the UK.

Regulatory Support for Innovation: A promise of a pro-business environment with supportive regulatory frameworks is expected to enhance innovation and investment in advanced manufacturing and other high-tech industries. This aligns with MTA’s goal of fostering a dynamic, competitive, and sustainable manufacturing sector.

MTA’s recent report, “True Impact of British Manufacturing,” highlights the sector’s critical role in the UK economy, contributing £224 billion to GVA, 2.6 million jobs, and 43% of the nation’s R&D investment. Nearly half of all UK exports stem from manufacturing, underlining the sector’s importance in global trade.

The “Makers Manifesto 2024” by Make UK reaffirms the industry’s readiness to drive the nation towards a greener, more prosperous future. The UK manufacturing sector is poised to adopt and implement advanced technologies and sustainable practices, crucial for achieving net zero targets and enhancing living standards through increased trade and high-quality job creation.

Stephen Phipson, Chief Executive of Make UK, commented on the General Election outcome, saying: “I congratulate Sir Keir Starmer on leading his party to a decisive victory. Business will welcome such a clear result and an end to the political and economic instability of the last few years which is essential for companies to now bring forward much needed investment. Looking ahead, the new Government has a lot in its in-tray to address. First and foremost is the urgent need to kick start the UK’s anaemic growth levels of recent years and boost investment in our infrastructure, without which we cannot address the many urgent priorities the Country faces at national and regional level.”

A call for modern re-industrialisation

The MTA sees the new government’s recognition of the sector’s potential as a call to action, encouraging the modernisation and re-industrialisation of the UK using advanced technologies and sustainable practices. The association is committed to collaborating with the government, industry partners, and other stakeholders to ensure the successful implementation of these strategic initiatives.

The MTA says it is optimistic that this partnership can transform the UK into a hub of innovation, sustainability, and economic prosperity.

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