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Initial Budget thoughts

Initial Budget thoughts

New chairman for EAMA

New Chairman for EAMA

Here are some of our recent initiatives and policy positions.

EAMA 2021 Budget SubmissionEAMA says that there can be no recovery in the UK economy without a strong manufacturing base.  We call for measures to encourage business improvement, innovation and investment across the supply chain, especially among SMEs, and we highlight the value of working with trade associations.

Budget 2021 – Engineering and Machinery Alliance submission.pdf

EAMA works to raise the visibility, understanding and use of the UK supply chain.  We believe that OEMs and Tier 1 suppliers, and government, need to be more aware of what is competitively available in the UK. 

Individual member trade associations are an immensely valuable source of information for companies looking for suppliers in the sector they cover.  This was demonstrated to government and companies especially at the start of the Ventilator Challenge, and in other healthcare-related urgent projects in spring 2020.  EAMA’s members invite organisations looking for UK suppliers to get in touch.

EAMA supports Reshoring UK, an invaluable online resource that involves a large number of trade associations and their members:  https://www.reshoring.uk/

Manufacturing has a particular importance to the economy, which needs to be better understood.  Two recent reports are especially relevant to this.

In The True Impact of UK Manufacturing (2018), commissioned by the Manufacturing Technologies Association (an EAMA member), Oxford Economics explains that the sector accounts, directly, for 9% of the UK’s GDP.  But is only part of the story.  It also accounts for a further 6% in indirect, supply chain, impact; and another 8% in induced, worker spending. 

In total, UK manufacturing supported a total GDP contribution of £446 billion and supported a total of 7.4 million jobs (in 2016).  

The Institute for Manufacturing at University of Cambridge developed the argument further in Inside the Black Box of Manufacturing (2019).  This report showed that not only is some manufacturing itself high-value, but that many high value activities and services, from upstream research and development to downstream marketing and logistics, depend on it.   

In practical terms, three other reasons can be identified as to why manufacturing is especially important:

  • It operates in competitive international markets.  If a manufacturing firm closes, tax revenues, jobs and value are often lost to the economy.  In many other sectors, that is not the case.
  • It creates highly skilled jobs, raising standards of skills and understanding across the economy.  Manufacturing jobs also pay more than the average.
  • It ensures the UK has the ability to develop, make and supply the things we need – which we can also supply to trading partners around the world.

The true impact of UK Manufacturing  Inside the black box of manufacturing

Engineering and Machinery Alliance submission to the International Trade Committee’s inquiry into UK Export Finance
https://committees.parliament.uk/writtenevidence/12437/pdf/

EAMA/UK Export Finance webinar

EAMA believes that UK Export Finance should be on the checklist of every engineering exporter.  As a strategic partner of UKEF, we work to help to improve the services provided and to raise awareness among exporters.

UKEF’s first webinar was put on jointly with UKEF in 2019.  It can still be viewed at https://bit.ly/2RiOuhP  Password: NtmiMnm7


Get in touch with your local Export Finance Manager from UKEF