Improved Supply Chains to inject £30bn into UK economy could see over half a million jobs created and up to £30 billion injected into the UK economy b.
According to the Confederation of British Industry’s (CBI’s) latest report, Pulling Together, by improving products, concentrating on innovation and providing unrivalled customer service, issues such as the expanding skills crisis and weakened foundation industries could be addressed.
Recommendations include widening the research and development tax credits in order to support the manufacture of British products, incentivising maths, engineering, technology and science degrees, and setting up a national materials strategy to enhance supply chain sub-sectors.
“The molten metals of manufacturing have long coursed through the veins of our economy. Optimism within industry is now rising at a strong rate and investment intentions are on the up,” deputy director-general of the CBI Katja Hall remarked.
She went on to add, however, that now is the time for innovative thinking and the implementation of “bold” strategies to revitalise supply chains in the country and make it the destination of choice for the manufacturing of good quality, high value products.
Head of the CBI John Cridland, speaking at this year’s Manufacturing Conference in Staffordshire, said however that the opportunities for breathing new life into the manufacturing industry could be undermined if the UK’s strategy for industry is not implemented for the long term and the skills crisis and energy challenges could see it blown entirely off course.