Time to deliver!
Published: 08 June, 2015
David Cameron campaigned during the General Election on building on the foundations of growth, with continuity and stability in business policy. Now that the campaign is over, industry is expecting the newly elected Government to deliver!
I agree with Terry Scuoler, chief executive of EEF, that there is a real opportunity to properly rebalance the economy and ensure a strong focus across government on investing in and, building on, our industrial strength as a manufacturing nation.
However industry has highlighted that the new business secretary will have a huge in-tray to trudge through over the next few months - having to deal with reversing the trade deficit, tackling an energy policy which remains a complete mess, and redoubling efforts to deal with a creaking infrastructure by getting on with important projects, especially building a new airport hub.
But there is one issue above all else that will affect the UK’s long-term economic prosperity – the damaging prospect of leaving the EU. This lurking threat is a pounding headache to British industry, which is demanding the matter be resolved as soon as practicable. The longer this threat exists the more damage it will inflict to the extreme detriment to the British economy and manufacturing in particular.
It cannot be emphasised enough by industry that the new administration must move quickly and campaign on the back of a strong and positive case for Britain’s continued membership in the EU. Terry Scuoler highlighted that any “drift or dithering on this issue will mean uncertainty for British businesses, which would be very unhelpful for the long-term prospects of the economy”. (Diplomatic language for it will be an absolute disaster of unprecedented proportions).
A positive result in the referendum will reaffirm UK manufacturing’s world-class position and ensure Britain is well-placed to continue to deliver growth in both EU and globalised markets that will benefit the UK economy.
The new administration must move quickly and campaign on the back of a strong and positive case for Britain’s continued membership in the EU.
Editor: Aaron Blutstein
Plant & Works Engineering