Why small and medium manufacturers are critical to growth, resilience and reaching net zero

Why small and medium manufacturers are critical to growth, resilience and reaching net zero

“Here in the UK we find ourselves uniquely exposed to the greatest challenges of our times: climate change and the rise of China. A Labour Government will need to tax fairly and spend wisely if it wants to ensure that we can compete in this world. It could start his process by investing in and reshoring our industrial supply chain of small and medium sized businesses.

With the UK’s debt to GDP ratio standing at 97.2%, we have to be realistic about the limitations Labour will have on the kind of stimulus an incoming Labour Government can inject into the economy. We will not be able to match the kinds of state subsidies being offered to businesses in the US or the EU.

That said, there is no reason why we cannot adopt smart measures to incentivise critical businesses like manufacturers to help decarbonise the economy and build up national resilience, while stimulating economic growth at the same time.”

The latest essay in our Fair Competition for Fair Growth series comes from Sam Goodman, on the support a Labour Government must give small and medium manufacturing business to drive growth, support Britain’s resilience and deliver net zero.

The Labour Party leadership has made it clear that accelerating economic growth is central to everything they want to achieve and a necessary precursor for achieving their ambitions in government. Building and facilitating good, successful, strong British businesses of all sizes will be central to helping achieve this vision for the UK. In particular, small and medium sized enterprises (SMEs) need government support to make the most of green tech revolution and compete in the global marketplace.

Our new project brings together experts voices on how a Labour Government can do this.