It is encouraging news that that the UK’s economic recovery is really starting to take hold. For the first time since the recession, we have seen a full year of economic growth.
The challenge is now to maintain the growth momentum and root our recovery in investment: Investment in well-paid jobs, in high-tech innovation, and in encouraging export trade.
The UK has a world leading aerospace industry. We have seen sustained growth in the sector, driven by demand in faster growing markets around the world. It is the civil aerospace industry alongside automotive that has accounted for much of the growth in UK manufacturing in recent years. This success is thanks in large part to the fact that industry and Government have been working closely together to identify priorities and establish the best routes to success through the Government’s Industrial Strategies. The Aerospace Growth Partnership has blazed a trail for other industrial sectors, securing long-term strategic investment from government and industry to progress research, development and product innovation.
Looking to the future, government should prioritise changes that encourage business investment and provide mechanisms to help the cashflow for fast growing manufacturing businesses. And industry has a role to play too: Companies up and down the supply chain need to take advantage of the UK’s new long-term, strategic approach and begin investing in the modern technologies and high-skilled jobs that will change the UK’s competitiveness.
With the right focus on delivering sustainable growth we can provide more high value, high skilled jobs, I believe that the year ahead will be a transformational one – not just for our sectors but for the whole UK economy.