Manufacturers should ‘dare to be different’ and not focus on the short term says Ron Dennis, Executive Chairman of McLaren Group and McLaren Automotive.
In a speech at the SMMT Parliamentary Reception at the Houses of Parliament on July 20, Dennis said he remained concerned about focus of the UK economy on financial engineering, rather than real engineering. Comparing the UK to Japan, he said that UK companies often struggled while companies such as Toyota, supported by Government policy, have continued aggressively to reinvest in research and development at industry leading rates.
Comparatively he drew attention to the ability of Britain’s Formula 1 companies to flourish and become leaders in their field. “Despite the very worrying decline in the size of our industrial base in the past two decades,” said Dennis, “Britain’s Formula 1 innovation and engineering strength remain world-renowned and world-respected.”
He said that in order for other manufacturing sectors to experience the same level of success there needs to be: an increase in student engagement with engineering; improved government involvement; higher levels of R&D investment; greater encouragement of success; and a continual endeavour to make the seemingly impossible possible.
Ron Dennis at the SMMT Parliamentary Reception on July 20