New Government must help deliver productivity boost
The UK’s future economic success will depend on a new Government working with industry to achieve a major boost in productivity, trade association ADS says today.
Launching ADS’s five point election manifesto, Chief Executive Paul Everitt said the spotlight would be on the new Government’s commitment to putting in place the foundations for substantial gains in productivity, by attracting investment, supporting innovation, and delivering a Brexit deal to sustain UK competitiveness.
ADS Chief Executive Paul Everitt said:
“The UK needs a step change in productivity to fully achieve our potential and put vital sectors of our economy on the right footing to compete around the world.
“The Government elected in June will face economic challenges that it must work in partnership with industry to address if we are to achieve sustainable, long-term economic growth. A failure to prioritise productivity gains would put at risk the UK’s future ability to generate high value jobs and maximise the economic potential of our ingenuity.
“We need to see the development of an ambitious industrial strategy with full political and financial backing, support for SME investment in technologies and the latest advanced manufacturing processes, and prioritisation of innovation to make sure the UK benefits from the jobs, exports and growth that flow from new ideas.”
The five election priorities set out by ADS, the trade association for the aerospace, defence, security & space sectors, are:
1. Develop an ambitious Industrial Strategy that attracts global investment
The Government must build on successful sector strategies with long-term political and financial backing for an ambitious industrial strategy.
2. Prioritise productivity by investing in supply chains
Given the UK’s long-term productivity challenge, the UK must support SMEs ability to invest in new technologies, develop world-class skills, and adopt the latest manufacturing processes.
3. Invest in industrial innovation
Prioritising and focusing funding on industrial innovation, as well as scientific research, would ensure the UK benefits from the jobs, exports and growth that flow from our innovative ideas.
4. Enhance national security by investing in UK capability
The next Government should ensure its value for money analysis recognises and reflects the benefits of equipping a UK supply chain with the capabilities, technologies and engineering services necessary for our long-term national security.
5. Deliver a Brexit deal that sustains our global competitiveness
Our sectors’ ability to compete globally depends on a stable transition to a new deal with the EU that delivers frictionless trade and access to regulators, R&D programmes and skills.