Today EEF published Securing A Manufacturing Renaissance, our manifesto outlining priorities for the next government and Parliament.
Politicians who wish to repair the nation’s balance sheet while sustaining an increase in living standards and helping to rebalance the economy for future prosperity should take note.
Our manifesto launch coincides with our annual conference and dinner, where the three main political parties will be outlining their priorities for the next Parliament.
Rebalancing is in no way complete
While business investment has started to creep up, exports are still flat and the productivity gap with our G7 competitors has recently widened. Rebalancing the economy is far from complete.
If the last five years have been about economic recovery, the next five must be about delivering a better balanced economy. It is vital that the next government builds on the good foundations laid to date to achieve this.
Investment, Trade and Productivity - the power of three to create a better balanced economy
Rebalancing isn’t complete so the ambition remains, but what do we mean by rebalancing?
Rebalancing: Economic growth driven by increasing investment, exports and productivity.
Our manifesto contains a list of stretching targets to 2020 in each of these areas that the next Government should commit to in order to secure better balanced growth across the economy.
Foundations to achieve better balanced growth
These stretching targets rest on four foundations with key policy recommendations within each area.
A more productive and flexible labour force
An increase in the take up of maths & science at key stages 4 and 5
- Reform of university funding to increase applications for STEM degrees
- Employers given control of Apprenticeship funding
- Industry given control of developing and retaining vocational qualifications
- A new ‘High Skill STEM’ visa should be introduced
- Employment legislation reforms should be subject to rigorous cost benefit analysis
- The ‘Fit for Work’ service should improve tax reliefs for private medical treatments which help employees return to work
Reducing the cost of doing business
Better support for growing businesses
If the next government takes all these steps, we should be well on the way to securing the manufacturing renaissance that the public want to see.