We've known for some time that we need to act to create a new economic model, one based on trade and investment rather than on consumption and borrowing. But the economy has stalled and with it progress to this better-balanced economic model.
Generating growth is the role of business, but government sets the climate and conditions which allow this to happen. So we will only get back on track to a better-balanced economy if the government demonstrates the same clarity and single-mindedness on growth that it has done on reducing the deficit.
To do this, we are urging the government to adopt a new approach; we need a clearer plan for the future of the economy and a long-term industrial strategy to deliver it.
This must become the definitive statement of the government's economic intentions and the guiding principle for every policy and spending decision from now to the election and preferably beyond
Why an industrial strategy for the UK economy is vital
Every business knows that you need to cut costs in tough times, but you also need a strategy to move forward. And that's what we need from government – a cross-economy industrial strategy, which sets out the route it will take to achieving a better-balanced economy.
This shouldn't be about supporting manufacturing alone, what we need is an industrial strategy with policies which will help all companies seeking to grow through exports and investment.
And having this plan is only part of the solution. We also need all of government to get behind it with proper accountability to measure progress and take corrective action when things aren't working.
What you can do
Read the thinking behind our campaign in our new report 'The Route to Growth: an industrial strategy for a stronger, better balanced economy'.
We'll be pressing the Government on this issue over the coming weeks and months and lobbying all parties at the Party Conferences. Look out for more events and further updates on this website or by signing up to our weekly Intelligence Briefing.
You can also join us as a member business of EEF and add your voice to ours. As a powerful voice for manufacturing, our influence and expertise delivers results. Your input makes a real difference.
You’ll also gain access to a range of services designed to help your manufacturing business compete harder, innovate more and grow.
Find out more about what EEF membership can do for your business then complete our enquiry form and one of our team will be in touch.