The Confederation of British Industry (CBI) has published a new report titled ‘Made in the UK’, in which it makes the case that given sufficient support, the UK’s manufacturing sector could be key to reviving the country’s economy.
The report argues that there is huge potential for investment and growth in the UK’s manufacturing sector, and that such growth is essential to putting the national finances on a sustainable footing for the long term. Nevertheless, it says urgent action is needed to avoid falling behind.
The report says that with the economy not growing fast enough, taxes being relatively high, and pressures on spending set to rise:
“Breaking this cycle must focus on the economic necessity of long-term, sustainable growth. Once macro-economic stability is restored, government and businesses have a responsibility to develop a plan to unlock the huge growth opportunities for UK businesses. Nowhere is the opportunity more evident than in the future of manufacturing.”
The report recommends a series of “bold plays” to boost the sector, such as addressing business rates, ending the Apprenticeship Levy to help firms fund training that meets their own needs, simplifying the regime for capital allowances, and expanding tax credits for research and development to also include capital spending, to name but a few.
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