The Imminent Need for an Industrial Strategy

As we reach the halfway point of 2023, the reports of output decline and decreased new orders that muddied the waters of UK manufacturing at the start of the year, are mirrored in recent reports. Though this struggle is not new, the manufacturing initiatives that other countries are now rolling out are squeezing the sector further, leading to a heightened concern for British businesses in the global market.

The call for a viable industrial strategy has never been louder, and now manufacturers, unions and trade bodies are urging the Government to act.

It is feared that countries such as China, Germany and the US will continue to ‘one-up’ the UK due to their solid manufacturing plans which boast long-term growth and acknowledge the importance of industry as a contributing factor to a successful economy. 

The Inflation Reduction Act from Joe Biden is subsiding $369bn worth of green investment which will boost manufacturing communities across America. This huge investment is now looming over the UK, with businesses at risk of being overshadowed. 

Similar initiatives have cropped up across the EU, with France and Germany laying out 2030 investment plans, setting out measures that aim to secure their place across global sectors.

Investments into businesses is not the only area the UK is falling short on, as other nations are succeeding in securing a future workforce. While others are providing young people with manufacturing opportunities, Britain is struggling to engage current and potential employees. 

With heightened competition, it is undeniable that the UK should follow suit and ‘pick up the pace’ in order to succeed in the international marketplace race.

While smaller initiatives have been set in motion, the UK cannot continue to rely on them for growth. Instead, a much larger long-term plan is needed which is in line with growth for all British manufacturers.

A clear plan must be initiated by the Government which recognises how beneficial the manufacturing industry is to the economy and aims to capitalise on the capabilities of sectors across the country. 

To close the skills gap, collaboration between industry and education is needed to encourage young people into a career in manufacturing, which will in turn allow the sector to advance and create the next generation of innovation.

This proposed industrial strategy is essential in securing the future of the British economy, and in the exciting times of Industry 4.0 and Net Zero, the UK cannot be left behind. 

As British fastener manufacturers that supply to OEM’s and distributors worldwide, we continue to aid the industry as much as possible. We do this through our streamlined supply chain management services, our involvement in the manufacturing community and quite simply, our high-quality products. 

If you would like to find out more about our range of cold forged fasteners and components, and discover how they can improve your bottom-line, then please get in touch here.