Make UK's submission to HM Treasury 2024 Spring Budget

Released On 16th Feb 2024

Manufacturing truly is the engine of the UK economy. In 2023, as we overtook France to become the world’s 8th largest manufacturer, the sector delivered £224bn worth of output and was responsible for 2.6 million high-paying jobs. Manufacturers’ productivity, calculated as GVA, punched well above its weight at £206bn, while the sector accounted for almost half of all exports - some £209bn worth of goods.

With this in mind, Make UK is submitting its recommendations for the Chancellor’s Spring Budget on March 6, which aim to tackle the challenges facing UK manufacturers. On behalf of our members within the sector, we ask that the Government implement the below initiatives as part of a bold, ambitious, and modern industrial strategy that puts manufacturing at the heart of it:

Tackling current labour shortages and building a workforce fit for the future.
Driving affordable, clean and secure energy supply.
Boosting productivity through increased digitalisation.
Ensuring the UK is a competitive place to do business and that British manufacturers' goods and services continue to be exported across the globe.
Making homes for the future.

As always, the industry stands ready to work in partnership with Government to reshape our economy and boost economic growth. But in order to climb further up the world rankings and achieve Make UK’s aim of increasing our manufacturing sector from 10% of UK GDP to 15%, we require Government to implement important, immediate measures now, which look beyond political cycles, to reduce barriers to businesses in the future.