Engineering news
"SMMT congratulates Rishi Sunak on becoming leader of the Conservative Party and Prime Minister," said Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders. "What we now need is a clear and compelling strategy for growth and stability, one that reassures markets, shores up battered consumer confidence and ensures the UK is seen as investable. As a major investor and employer, the automotive industry can help drive an economic recovery but we sorely need a period of stability and a framework for competitiveness, one that delivers the conditions and regulatory certainty to attract investment, talent and innovation, and not least in the global race to net zero.”
Andrew Eldred, director of workforce and public affairs at the ECA, which supports the electrotechnical and engineering services industry, said: "We hope this latest development at number 10 will bring much-needed stability to the economy and provide welcome reassurance to our members, who desperately need certainty to plan for the future.
“The electrotechnical sector is a crucial part of the construction industry, which forms the backbone of the UK’s economy. While ECA broadly supports Mr Sunak’s aim to fix the ‘profound economic crisis’ facing the country, we cannot overstate the importance of keeping electrification and decarbonisation front and centre of those plans.
“We eagerly await next week’s fiscal statement and urge Mr Sunak to prioritise green skills, infrastructure and incentives to boost our renewable energy sector, which in turn will help tackle rising energy bills."
However, stability for some of the engineering sector's biggest firms could be short-lived. The
Financial Times reports on a list of British companies that it thinks could be the target of international takeovers, which includes defence firm Babcock and aerospace company Melrose.
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Content published by Professional Engineering does not necessarily represent the views of the Institution of Mechanical Engineers.