Both trade unions and manufacturing leaders are pressuring the Labour government to come up with a new industrial strategy that will enable the attraction of global investment as soon as possible.
But they claim that without a precise and solid strategy not only the UK’s share of international investments might substantially shrink, but also manufacturing and export may stagnate. Jointly, both calls stress the importance of immediate intervention in order to capture the political window and engage the pivotal challenges within manufacturing.
1. Joint Appeal
A post-election survey of TUC and Make UK‘s executive members revealed that the Labour government must consider a long-term industrial policy.
2. Investment Concerns
That is why large global manufacturers are unwilling to invest in the UK if they do not understand the specifics of the government’s industrial plan.
3. Labour’s Commitment
Legitimate business expectation that Labour had intended to provide a modern industrial strategy that is now being expected by industrial organisations and investors.
4. Current Initiatives
In relation to industrial strategy, all the elements that will be on display on Monday have been proposed by the government: £7. National Investment bank with 3bn of capital and the formation of Great British Energy.
5. Need for Clarity
Global automotive players are claimed to have postponed decisions on the further investment into their manufacturing sustenance because of the absence of a plan for industrial development in the UK.
6. Sector Challenges
The challenges such as increased rates of occupational ill-health, increased age profile of the employees, lack of sufficient digitisation skills are some of the challenges manufacturing industries are experiencing.
7. Union and Employer Collaboration
It refers to the leaders’ urging of the unions and employers reporting increased cooperation to drive productivity and facilitate apprenticeship and training.
8. Economic Impact
It has emerged at the time of apprehensions related to the effectiveness of Labour’s economic policies and their implications on employment generation and industrial efficiency.
