I’m a trade expert and Labour’s industrial strategy is wrong – here’s why | UK | News

The UK’s industrial strategy is about more than “smoking chimneys”, trade expert Marco Forgione has said.

Chancellor Rachel Reeves told the Labour Party’s annual conference in Liverpool on Monday that she would publish the long-awaited industrial strategy with Business Secretary Jonathan Reynolds within the next month.

And speaking to City AM after Reeves’ speech, Forgione, the chief executive of the Chartered Institute of Export & International Trade (CIE&IT), said the plan for UK business should focus on more than manufacturing.

He said: “The vernacular is important… industrial strategy can evoke the idea of ​​smoking chimneys.

“This is still part of our strategy. The UK has an enviable position and reputation for manufacturing, but we are moving towards a modern economy based on things like renewable energy, technology, high-value manufacturing and additive processing.”

Forgione stressed that the strategy must be “comprehensive” and “include the education system” as well as a “complete university offer.”

He added: “It is vital that we attract the brightest minds to the UK… and universities are at the heart of that mission.”

“The UK has a challenge. We want to be a high-skilled, high-value economy. We need to make sure we have a university and an education system that meets those expectations.”

The trade expert welcomed the “important points made by Reeves about defining the trajectory… around investment to help businesses have a growth base, built on exports, and to have a long-term industrial strategy underpinned by a commercial strategy.”

But he stressed that businesses are “particularly keen to hear, in concrete terms, what this actually means now.”

“What will the government do to support investment? How will it deal with taxation and what will it do to encourage foreign direct investment (FDI) to enable British businesses to partner with the government and grow the economy.”