The UK electorate has decided to leave the EU. It is now essential for the UK Government to act swiftly to settle the market and to set out a clear agenda for the development of a new relationship with the EU.
The first priority is to stabilise the economy and reassure business that it will prioritise the protection of our trading relationship with the EU. This will need a clear timetable for establishing a new relationship with the European Union. We need a deal with the EU which takes account of the specific relationship between the EU and the UK; not a Swiss, Norwegian or even Canadian model, but a UK model. The task ahead of extricating the UK from EU regulation and legislation will be long and complex. Manufacturers will also require confidence that migration policies will not adversely affect their ability to invest and grow.
The UK Government must act rapidly to reassure the economy. We must also see a clear industrial strategy for the UK, outside of the EU, which prioritises delivering a more competitive business environment for manufacturers.
For manufacturers to thrive, innovation, skills and productivity improvement must be further supported. The Government must act with a single-minded focus on rebalancing the economy towards greater industrial investment and increased exports, ensuring the UK remains an attractive place to invest and growth.