The Manufacturing Technologies Association (MTA) celebrates the new government’s strong commitment to revitalising the UK’s manufacturing and technology sectors. For over a century, MTA has advocated for a comprehensive industrial strategy, and the new administration’s recognition of this vision is a significant step forward.
The Labour Party’s manifesto outlines a strategic partnership through a new industrial strategy, which is mission-driven and future-focused. This approach is essential for the industry to seize emerging opportunities and overcome growth barriers. Establishing an Industrial Strategy Council on a statutory basis, with representation from all regions, businesses, and trade unions, marks a shift towards long-term economic planning and stability.
Several initiatives align with MTA’s vision. The proposed £7.3 billion National Wealth Fund investment aims to upgrade ports, build supply chains, and support the automotive and steel industries. Investments in gigafactories and green hydrogen manufacturing will position the UK as a leader in sustainable technologies. Labour’s commitment to public-private partnerships, aiming to attract £3 of private investment for every £1 of public investment, will create jobs and spur innovation across the country. A pro-business environment with supportive regulatory frameworks will enhance innovation and investment in advanced manufacturing and other high-tech industries.
MTA’s “True Impact of British Manufacturing” report highlights the sector’s crucial role in the UK economy, contributing £224 billion to GVA, 2.6 million jobs, and 43% of the nation’s R&D investment. Nearly half of all UK exports come from manufacturing, underscoring the sector’s significance in global trade.
Make UK’s The Makers Manifesto 2024 reiterates the industry’s readiness to embrace change and drive the nation towards a greener, more prosperous future. The UK manufacturing sector is ready to adopt cutting-edge technologies and sustainable practices, essential for achieving net zero targets and improving living standards through increased trade and high-quality job creation.
Stephen Phipson, Chief Executive of Make UK, congratulated Sir Keir Starmer on his decisive victory, emphasising the importance of political and economic stability for business investment. The new government faces urgent tasks, including boosting the UK’s anaemic growth levels and investing in infrastructure to address national and regional priorities.
The new government’s recognition of the manufacturing sector’s potential is a call to action. MTA is committed to working closely with the government, industry partners, and other stakeholders to ensure the successful implementation of these strategic initiatives, transforming the UK into a powerhouse of innovation, sustainability, and economic prosperity.
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