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UK Manufacturers Face Existential Threat from Labour Failures
3 Mar
Summary
- Industry body warns of 'existential threat' from high energy costs.
- Defence spending pledges remain unfulfilled, damaging confidence.
- Youth unemployment surge risks condemning a generation of young people.
The head of the manufacturers' trade body, Make UK, has strongly criticized Labour's handling of defence spending and energy prices, as the sector grapples with global market instability.
Chief executive Stephen Phipson urged the government to expedite the increase of the military budget to 5% of GDP, warning that the current timeline is too slow. He also described the government's energy support as insufficient to combat 'hideously high' costs.
Phipson will also voice concerns about a surge in youth unemployment, which he believes risks 'condemning a generation.' The manufacturing sector has seen its nascent recovery stall in February, with job shedding continuing for the 16th consecutive month.
