What does a Labour Government mean for UK Manufacturing? - Fluke Reliability shares thoughts

05/07/2024  Fluke Reliability Solutions

With the announcement in the Conservative Government’s Spring Budget, the future of the UK manufacturing industry looked bright with significant investment. But, with a change in government from Conservative to Labour – what happens next for the UK manufacturing industry? Aaron Merkin, Chief Technology Officer, Fluke Reliability, shares his thoughts.

“ Although the Labour party’s outline for advanced manufacturing plans is less clear cut than the Conservatives pledge in the Spring Budget, they have emphasised how strategic partnerships with the industry will be key for the goals of the Industrial Strategy Council. Their mission outlines the plan to create a pro-business environment that supports innovation, investment and high-quality jobs. For some manufacturers this is a breath of fresh air. Our most recent research into the manufacturing industry has unveiled that the industry demands further investment into digital technologies (with 44% of budgets being put towards Artificial Intelligence), while financial resources are also needed to be found for other areas of the business, such as ongoing training to maintain a skilled workforce and keeping up with rising energy costs as a result of geopolitical tensions across Europe.

 I hope we will see merit from Labour’s strategic partnerships through the development of the National Wealth Fund. The fund has a target of attracting £3 of private investment for every £1 of public investment. Although ambitious, Labour have pledged that the fund will see significant investment into automotive, steel, supply chains, carbon capturing and the manufacturing of green energy which will support individual enterprise allocations and seems promising. If they fulfil this mission and back it with public and private investment, the new government could bring the UK manufacturing industry back to the success of its heritage while paving a greener and more cost-effective way for its future in the next stage of the industrial revolution.”

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