Report urges support for export-led recovery
1 min read
With government funding cuts for industry thought to be at risk, a new report published today (25 May) urges both government and business to focus on exports if the UK is to forge a prominent role in what it calls "the new global landscape".
The report, Transitions – The New Economic World Order, comes from a panel of experts from, among others, the manufacturers' organisation EEF and the CBI and BDO.
The study notes that as well as manufacturing sectors like defence and pharmaceuticals, the UK also has world beating financial services, education, leisure and retail sectors which provide platforms for strong growth. However, this could only be a reality if UK companies adapt to the new world order and exploit emerging markets.
Despite this, says the report, although George Osborne (pictured) has promised tax support for manufacturing, government loans earmarked for industry are being reviewed. In addition, many executives were limited in their outlook, with 85% of UK board members admitting they were not actively preparing for competition from the countries that will become economic powerhouses over the coming five years.
Tom Lawton, head of manufacturing at BDO said: the UK was at a crossroads on the global map. "While we welcome George Osborne's plan to protect manufacturers under a new corporation tax framework, there needs to be a clear strategy that rebalances the economy and encourages exporting. This means removing red tape, providing specific support to mid-market manufacturers and supporting emerging technologies while not forgetting the UK's traditional industrial base."
