Adam Hawksbee, Onward Deputy Director, writes for Conservative Home on the need for Hunt to prioritise British manufacturing in the Autumn Statement. He writes:
‘The recent history of British deindustrialisation is both simple and underappreciated. Thirty years ago, manufacturing generated about one in every six pounds of the UK’s economic output; by 2009, after the financial crisis, the figure was one in every ten pounds. It has stayed at that level ever since.
So the 1990s and 2000s represented the tail-end of a transition towards a service-based economy – a sectoral shift which has now largely stopped. We are left with a manufacturing base that is smaller, but stable and highly productive, providing opportunities in places that need it most and underpinning our economic resilience.
But energy prices, interest rates, and a tight labour market have hit these firms hard. When the Chancellor delivers the Autumn Statement next week, he should prioritise British manufacturing.’
Read the full piece here.
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