We've been calling for a rebalancing of the economy since the publication of our report 'Manufacturing: Our Future' almost 12 months ago and now it has the official backing of the Prime Minister who gave a welcome commitment to chart a different direction today. he echoed many of our sentiments that business as usual and a return to the same will not be enough to rebuild our economy and a new approach is needed. Business will now look to the forthcoming emergency budget as the first litmus test of this commitment
Our Chief Executive, Terry Scuoler, attended the event and echoed the Prime Minister's sentiments:
"The Uk's economy is now at a crossroads and we have to realise we didn't get here by accident. Manufacturers will be heartened to hear such a strong commitment from the Prime Minister that the government is planning to chart a different direction from now on. The next step is to put in place a policy framework across government at national and regional level that will build this momentum and deliver the crucial rebalancing we need.
"Reducing the deficit is clearly paramount. But, in addressing this we have to place equal emphasis on growing our way out of the current situation. In particular, government departments must balance the efforts to cut costs with a focus on pulling together to promote growth."
At EEF we are looking forward to working closely with government to promote a dynamic manufacturing sector at the heart of a rebalanced economy. There is no time to lose.