failed to provide any support whatsoever for the steel,
automotive, or aerospace manufacturing industries in yesterday’s
Budget – failing to even mention the steel industry once in his
112 page ‘plan for growth’.
Labour has called repeatedly for £30 billion to be rapidly
invested in a green economic recovery, including in the
automotive, aerospace and steel industries - to develop clean
technologies, boost Britain’s competitiveness and create 400,000
jobs across the country. Labour has also called on the Government
to pledge to “Build it in Britain” and ensure manufacturing jobs
to build the low-carbon infrastructure of the future are not lost
overseas.
But in the Budget, there was no funding announced to support the
steel industry and no new funding for aerospace. There was also
no support announced to boost the electric battery supply chain
despite the need for new gigafactories. The Government has still
failed to establish the £250 million Clean Steel Fund scheme they
announced more than a year and a half ago.
The UK is falling behind France and Germany, which have provided
tens of billions towards a green recovery - and is currently way
off track to meet its legal climate change targets.
Labour leader said yesterday the Chancellor “talked up his green
credentials, but his Budget stops way short of what was needed or
what is happening in other countries. This Budget should have
included a major green stimulus, bringing forward billions of
pounds of investment to create new jobs and new green
infrastructure.”
MP, Labour’s Shadow Business Secretary said:
“Our manufacturers should be at the heart of our economic
recovery. But the Budget left them out in the cold. No mention of
steel, no new support for aerospace, no new help for our
automotive sector.
"Manufacturing industries are crucial to communities across the
country, providing highly-paid, highly-skilled jobs in Yorkshire,
the North East, the Midlands and South Wales. To truly rebalance
our economy away from London, we need to invest in these leading
industries.
“We are falling behind other countries in the support our
government is providing and we will all pay the price. We needed
to see an ambitious £30 billion green stimulus package to create
jobs, tackle the climate emergency, and secure the long-term
future our manufacturers should rightly have. "
Ends
Notes to Editors
- The Government’s 112 page ‘plan
for growth’ failed to even mention the steel industry
- In response to the Budget, the SMMT
said, “In this crucial year, with COP26 in the autumn and the
sector facing a mammoth task in decarbonizing within just nine
years, we had hoped to see more measures to support the
transition. This is an opportunity lost…”
- In response to the Budget, the ADS
Group said UK aerospace “can become a global leader in
delivering future net zero flight, but must be supported to
weather this crisis, sustain our capabilities and skills, and
deliver future investment.”
- According to the OBR, the new National Infrastructure Bank
will not plug the gap left by the European Investment Bank -
providing less than half the funding. The Bank’s financing (£12
billion) will be less than the amount recommended by the National
Infrastructure Commission (minimum of £20 billion over 5 years) -
This lack of ambition means the new Infrastructure Bank will also
invest less in the UK every year than the £7 billion per year the
European Investment Bank did.
- The UK is set
to miss its fourth and fifth carbon budget targets.
