The President of Schneider Electric UK and Ireland, Belgium and Netherlands has said that Rachel Reeves must prioritise long term investment in the manufacturing industry in her first budget as Chancellor of the Exchequer.
Kelly Becker says the Budget is critical to build on proposals laid out in the government’s Industrial Strategy Green Paper, to bolster the UK’s manufacturing industry and stimulate economic growth in line with decarbonisation.
Kelly oversees a workforce of 3,800 people in the UK&I (including 14 UK sites) for Schneider Electric, a company committed to helping businesses reduce their emissions – and which was recently named the world’s most sustainable company by Time magazine and Statista. In response to growing demand in the UK’s move to cleaner energy, Schneider recently announced a £42m investment in Scarborough which will create 200 new jobs.
Ahead of the Budget tomorrow, Kelly said: “This week, the Chancellor has an opportunity to build on the initial proposals in the Industrial Strategy Green Paper and restore the UK’s position as a leading manufacturer after losing its place as one of the world’s top 10 manufacturing nations. As the Government has already identified, the UK can quickly regain its status by prioritising the high-growth sectors driving the green economy and the supply chains that are powering them.
“The UK is a hotbed for cutting edge technology and skills and there is capital to deploy. In the last year alone, Schneider Electric has invested £50m in our UK manufacturing capabilities in response to the growing demand for smart energy solutions to power greener buildings, factories, and electrical grids. But manufacturers need a stable environment that will help to stimulate growth, drive innovation, and create highly skilled jobs. This will help to supercharge regional economies and maximise the UK’s competitive advantage globally, by developing local expertise and creating new trade opportunities. Long term investment in the manufacturing industry will be critical to driving UK growth and prosperity, help the UK reach its Clean Power by 2030 target and develop the workforce needed for the green transition.
“Targeted incentives, infrastructure development, and smart regulation will help to create the stability that UK manufacturing needs to thrive. Looking ahead, it is vital that the Autumn Budget reflects these priorities, aligning fiscal policy with the long-term vision of a low-carbon economy.”
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