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A UK industrial strategy with chemical businesses at its heart
No major economy functions without a manufacturing sector. Data from the World Bank shows that the manufacturing sector makes up an average of 13.1% of the G7 economies, 14.7% of European Union member economies, 27.4% of the Chinese economy however just 8.8% of the UK economy.
The UK government needs to decide now if it wants a manufacturing sector, at the heart of which is the chemical industry, providing vital raw materials and innovative breakthroughs crucial for the net zero transition. There is clearly one answer to the question posed above, and to deliver it we need the Government to show the world that the UK is open for business and the place to invest.
To this end, we need stability: stability on energy prices, stability on industrial action, stability of regulation and stability of the political machine. The best way of doing this is to have a clear industrial strategy.
Actions
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Establish a team from Government, industry, the trade unions, academia and other stakeholders to develop an industrial strategy.
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Create an independent Office for Industrial Strategy, responsible for scrutiny, monitoring and measurement of the Industrial Strategy.
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Ensure different Government Departments that impact business are joined-up in the development of policy.
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Government to work more closely with devolved administrations and the regions including metro mayors so that there is one single UK approach to business growth.
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Double the UK’s manufacturing contribution to GDP by 2040.
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Appoint a Department for Business and Trade Minister who is responsible and accountable for delivery and reporting on the continuing progress of the Industrial Strategy.
