Britain’s manufacturers are calling on the Government to provide the clarity and predictability they need if they are to invest in the low carbon economy.
The manufacturers’ organisation, the EEF, says the UK’s position as the sixth largest producer and provider of low carbon goods and services is faltering, with manufacturing output contracting.
And, that is happening at a time when new estimates suggest the country could be the beneficiary of an £880 billion “green boost” between now and 2050. The EEF adds that the UK is also towards the bottom of the global league when it comes to government-backed research linked to climate and energy issues.
While the UK government spends just over one per cent of its R&D budget on energy, the average for all 34 countries in the Organisation for Economic Co-operation and Development is almost four per cent.
EEF regional director Andy Tuscher said: “The low carbon economy represents a massive opportunity for manufacturers and a major prize for our economy. If we can build an early lead in key areas we have the chance to export our solutions to the rest of the world.
“But we are currently failing to take advantage of this opportunity to be a world leader in low carbon goods and services. We need government to set out its vision of manufacturing’s place in the low carbon economy, focus more on innovation and provide greater regulatory stability and predictability to unlock investment in breakthrough technologies that will deliver it.”