Spring Statement: Positive mood music for advanced manufacturers, industrial strategy still lacking

Mike Thornton, Head of Industrials at 91探花, reacts to the Spring statement: “Upskilling, job creation and new manufacturing opportunities across the country is exactly what manufacturers need and if delivered could act as a genuine tool to level up the UK. We are well placed to mobilise our advanced manufacturing expertise to innovate and support our defence sector and wider industries to improve productivity, competitiveness and economic growth. Investment needs to be focused on innovation and developing future orientated skills.

“UK manufacturers are held back by lack of digital skills, so new technology needs to bridge the labour and skills gap while improving the diffusion of learning so we can widen the pool of upskilled workers.

“The focus on defence spending here in the UK and across Europe presents a real opportunity for manufacturers and it’s great to see a further £2bn of support for exporters earmarked through UK Export Finance. It was also welcome news to see defence spending ring-fenced for novel and innovative technologies – this will support advanced manufacturing and look to capitalise on our competitive advantage.

“However, what is needed to underpin this growth is the long-awaited detail of the industrial strategy, setting out a comprehensive plan to support both advanced manufacturing and defence. Many would have been hoping that more details would have been published alongside today’s Spring Statement; but industry continues to wait for guidance.”