MAKE UK: Budget fails to address any of the fundamental costs holding back investment and growth

Make UK Chief Executive Stephen Phipson CBE said:

We said this Budget was the first real test of the Government's pledge to reindustrialise Britain. Today they failed to address the one issue that would enable this high industrial energy costs.

Our industrial electricity costs are the highest in the world. As I told the Chancellor last week, this is having a ruinous effect on investment and requires urgent action. It is hugely disappointing that he didn't listen to a sector that supports 2.6m jobs and accounts for 42% of UK exports.

Likewise, while we welcome the slowing down of increases in the minimum wage, in general employing people remains more expensive and riskier thanks to the Employment Rights Act and higher employer NICs.

This Budget has failed to address any of the fundamental costs holding back investment and growth in manufacturing.

We will continue to push the government to make reindustrialisation an economic reality rather than an empty political slogan.