The CBI has called for the Government to tackle the threats facing the UK’s manufacturing competitiveness.
In a report published on Tuesday, the CBI claims firms are responding to globalisation by moving away from traditional manufacturing to hi-tech products and processes.
But the Future Of Manufacturing report says the strong pound and increases in regulation and taxation have hit manufacturers disproportionately hard, the CBI claims.
Unless the Government gives research-and-development tax credits, grants tax incentives to investment trusts and venture capital groups, and invests in large technological development projects, the manufacturing industry will lose 73,000 jobs by the end of 2002, predicts the CBI.
The report is based on consultation with committees representing the 200,000 businesses in the CBI.