UK news: July 2012
Cable: We need a long-term approach
The British business secretary Vince Cable believes that the key to a sustainable and balanced economy in the UK is having a long-term approach to growth, and investing in manufacturing technology, R&D and skills so that the country has the talent to make the most of the recovery.
Speaking at Siemens’ recent Answers for Industry conference in Manchester, Cable said: “Working with business, we are taking steps to strengthen the UK’s manufacturing capability, ensuring a better business environment that will address barriers to growth, encourage innovation, exports and inward investment as well as build UK supply chains.”
At the same event, Juergen Maier, managing director of Siemens Industry, expressed the view that to have a sustainable recovery in the manufacturing sector “it is vital that as a country we have a long-term investment strategy – where Government works in conjunction with businesses across the supply chain.
“Investment in skills alongside r&d and manufacturing technologies is critical, but we need to work harder at convincing the whole sector that by preparing for the upturn now we will create jobs and growth for the future,” Maier added. “At the moment the sector’s attitude towards investing, especially in manufacturing plant and automation, is not preparing us well enough in that regard.”