Royal Bank of Scotland : Manufacturing report calls for new industrial strategy

The report shows that the current trajectory of manufacturers' business plans will fall short of where the sector needs to be by 2026. While companies can innovate and work hard to tackle many of the internal and supply chain challenges they face, creating the right business environment through an ambitious, comprehensive and long-term industrial strategy spanning all Government departments will be critical to support growth.

Terry Scuoler, CEO of EEF commented:

'We need to get this right and we need to get this in place now so that manufacturers' growth ambitions are supported across the pre- and post-Brexit divide. It is not enough to talk about an industrial strategy - it is time for the Government to draw a line under the stop-go efforts of the past and to demonstrate its commitment to industry by putting some much-needed flesh on the bones.

'Manufacturers are not just talking about future growth - they have firm plans in place to make it happen. Their ambition and drive will help get the sector and our economy on the road to stronger, better-balanced growth, but this must be matched by Government. If we are to stay the distance and realise the full benefits for the UK then complacency is not an option.'

Richard Hill, NatWest Head of Automotive and Manufacturing, said:

'We have some amazing manufacturing businesses in this country. The industry is a significant part of the UK economy and it is vital that businesses are given the right support in order to compete globally and succeed. As this report clearly indicates, a long term industrial strategy will help UK manufacturers to compete and succeed in the future.'

The full report - Manufacturing Ambitions: an industrial strategy for a stronger economy - can be downloaded here.