UK manufacturing exports must be upscaled dramatically to keep pace with other OECD countries, industry lobby group the CBI warned today.
Exports of manufactured goods are growing at just 4.8 per cent a year, less than half Germany’s 10.3 per cent rate, when manufacturing should be at the forefront of UK economic development.
Policy support is needed to help UK manufacturers become more productive, more innovative and better exporters, it said in a new paper outlining its recommendations ahead of the publication of the government’s manufacturing framework shortly.
“The government must act fast,” said John Cridland, CBI director-general designate.
“It should build on the sector’s strengths, work with business to harness its innovation, and create a tax and regulatory environment that helps UK manufacturers drive up growth in productivity and exports.”