What is the story about?
What's Happening?
The Manufacturer's daily news digest highlights a significant gap between the UK manufacturing sector's confidence in innovation and its execution capabilities. This disconnect poses a threat to the UK's competitiveness in Europe. Concurrently, a Make UK survey shows that manufacturers are committed to green investments, with plans to prioritize renewable energy. However, barriers such as increased business rates for energy-efficient technologies hinder further investment.
Why It's Important?
The innovation-execution gap could undermine the UK's industrial competitiveness, especially as other European countries advance in green technologies. Addressing this gap is crucial for maintaining a competitive edge and achieving net zero targets. The commitment to green investments is vital for reducing emissions and operational costs, but overcoming investment barriers is necessary to realize these benefits fully.
Beyond the Headlines
The focus on green technologies and innovation highlights the need for a skilled workforce capable of implementing new technologies. Updating apprenticeship programs and expanding R&D tax relief could help bridge the innovation-execution gap and support the transition to a more sustainable industrial sector.
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