Commenting on the speech by the Chancellor of the Exchequer
today, Stephen Phipson, Chief Executive of EEF, the
manufacturers’ organisation, said:
“The Chancellor confirmed a steady but not spectacular picture
for the economy in the next couple of years. The absence of
further tuning of tax and spend policies makes sense to
businesses at this juncture as does the commitment to strike a
balance between paying down the deficit and targeted investment
spending. Specific actions on industrial strategy are what
business is now looking for.
“Commitments to the industrial strategy pillars of people and
infrastructure demonstrates progress in key areas of skills
development and digital infrastructure but this will throw down
the gauntlet to other Government departments to step up to the
plate and deliver.
“Despite this positive picture however, the outlook for growth
remains on the weak side at a time when global markets are
expanding. This is being clouded by the domestic uncertainty
surrounding Brexit and weak consumer spending.
“It is now critically important the Government achieves a
positive transition deal at the European Council meeting next
week to provide business with the certainty and confidence to
invest. At the same time, manufacturers are looking to the
Government to keep building momentum on delivering on a modern
Industrial Strategy, in particular establishing an independent
Council to measure performance and support business confidence in
the strategy.”
On the Apprentice Levy Stephen Phipson added:
“Manufacturers will welcome the recognition that the Apprentice
Levy isn’t working and needs reform. Today’s announcement to help
SMEs is a useful first step, but Government must continue to
engage closely with business to ensure the policy achieves its
laudable aim of increasing Apprenticeship numbers.”
