Commenting on the speech by the Chancellor of the Exchequer, Stephen Phipson, Chief Executive of Make UK, said:

“Industry will welcome the Chancellor’s commitment to a vision for the economy which has a long-term industrial strategy at its heart. The UK has long been an outlier in not having one and, amid an ever more competitive global economic landscape, it is a vital piece in the jigsaw of future economic growth.

“We have many world class industrial sectors in the UK, together with an academic and research base which is the envy of our competitors. If we can harness these advantages, the prize of sustainable growth and meeting the great challenge of transitioning our economy can be met. Having made this commitment, it is now vital that Government moves without delay to firm up the details of a strategy that industry can buy into and, which will pull the levers of both domestic and international investment.”