Industry calls on new Government to rebalance economy

THE MANUFACTURERS’ trade body today called on the newly-elected Government to build on the foundations of economic growth and deliver continuity and stability in business policy.

Prime Minister David Cameron and wife Samantha arrive at 10 Downing Street this morning. Picture: Anthony Devlin/PA Wire

The EEF said there is a real opportunity to properly rebalance the economy and ensure a strong focus across Government on investing in Britain’s industrial strength as a manufacturing nation.

Andy Tuscher, regional director, said: “There are many issues to tackle for a new business and industry secretary, which is why we need a really big-hitter in that role.

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“He or she will have an in-tray which will include the need to tackle some of the issues which will help Britain embed and build on the recovery.

“These include reversing the trade deficit, tackling an energy policy which remains a mess and redoubling efforts to deal with a creaking infrastructure by getting on with important projects, especially building a new airport hub.”

He warned that the biggest threat to Britain’s long-term economic well-being remains the prospect of leaving the European Union. The EU is Britain’s main trading partner.

Mr Tuscher said: “David Cameron will be under pressure to call a referendum as soon as possible, possibly bringing it to next year.

“The new administration must move quickly and campaign on the back of a strong and positive case for Britain’s continued membership.

“Any drift or dithering will mean uncertainty for British businesses, which would be very unhelpful for the long-term prospects of the economy.”