IET: Manufacturing must be boosted to rebalance the economy say engineers
October’s manufacturing output declined by 0.7% compared to September, according to the Index of Production.
Commenting on the figures, Professor Steve Evans from the Institution of Engineering and Technology (IET) said: “The November Index of Production demonstrates the need for all of manufacturing to be taken into consideration when government measures are developed for the manufacturing sector. This is something the IET called for in the 2011 UK Manufacturing Summit Boardroom Report.
“The two largest subsectors of manufacturing, food and drink and basic metals and metal products are also two of the sectors which contributed the most to November’s decline in manufacturing output; both sectors use advanced technology, requiring significant capital investment and the right level of skills.
“Focusing purely on Aerospace, Automotive and Pharmaceutical growth will not contribute enough toward rebalancing the economy. Skills, business processes and efficiency and access to affordable finance are cross cutting issues which should be prioritised.”
Link to Boardroom report: http://www.ukmanufacturingsummit.co.uk/2011/boardroom-report.html
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