The Manufacturing Technologies Association (MTA) has expressed strong support for the new government’s commitment to rejuvenating the UK’s manufacturing and technology sectors. The MTA, which has advocated for a robust industrial strategy for over 100 years, is enthusiastic about the new administration’s embrace of this long-standing vision.
The Labour Party’s manifesto outlines a strategic approach to industrial policy, emphasizing mission-driven and forward-looking goals that align with the needs of the sector. This plan includes the formation of an Industrial Strategy Council with statutory authority, ensuring inclusive representation from various regions, businesses, and trade unions, signaling a move toward more sustained economic planning and stability.
Key elements of the government’s strategy that resonate with the MTA’s objectives include:
Investment in Key Sectors: The Labour Party’s proposal to inject £7.3 billion from the National Wealth Fund to enhance ports, strengthen supply chains, and bolster the automotive and steel industries is a significant advancement. The focus on gigafactories and green hydrogen aims to position the UK as a leader in sustainable technology.
Public-Private Partnerships: The initiative to use public funds to attract private investment, targeting £3 in private funds for every £1 in public investment, reflects the MTA’s belief in the power of collaborative economic growth. This strategy is expected to generate jobs and foster innovation nationwide.
Regulatory Support for Innovation: The commitment to creating a pro-business environment with supportive regulatory frameworks aligns with the MTA’s goal of promoting innovation and investment in advanced manufacturing and high-tech industries. This approach is vital for nurturing a competitive and sustainable manufacturing sector.
The MTA’s report, “True Impact of British Manufacturing,” highlights the sector’s crucial role in the UK economy, contributing £224 billion to gross value added (GVA), supporting 2.6 million jobs, and accounting for 43% of the country’s research and development investment. With nearly half of UK exports originating from manufacturing, the sector is central to both economic stability and global trade.
Make UK’s “The Makers Manifesto 2024” reinforces the industry’s readiness to embrace change and drive the nation toward a greener, more prosperous future. The sector’s adaptability to new technologies and sustainable practices underscores its importance in achieving net zero targets and enhancing living standards through increased trade and quality job creation.
Stephen Phipson, CEO of Make UK, congratulated Sir Keir Starmer on his election victory, emphasizing the business community’s relief at the end of recent political and economic instability. He urged the new government to address urgent economic challenges, including stimulating growth and investing in infrastructure to meet national and regional priorities.
The MTA views this period as an opportunity to usher in a new era of industrial advancement. By leveraging the UK’s historical strengths in manufacturing and technology, the MTA is committed to working with the government and industry partners to transform the UK into a hub of innovation, sustainability, and economic growth.