Manufacturing expert Kumar Bhattacharyya has urged the Government to make economic crisis a turning point for the future of British manufacturing.
Speaking in the House of Lords, Lord Bhattacharyya has urged the Government to use quantitative easing cash to establish a new Enterprise Bank.
Post columnist Lord Bhattacharyya, a Labour peer and founder of Warwick Manufacturing Group, said: “I have worked in and with leading British and global manufacturers for over 45 years now.
“In that time, I have seen many debates about the future of British manufacturing and its decline. I believe this crisis could be a turning point, if we choose to take it.”
He added: “Why not use some of the funds supplied for quantitative easing to establish an enterprise bank?” he asked. Today, it is too difficult to develop and grow a new manufacturing business. You need a big market to sell to, the ability to export and finance to support your growth – all of which smaller companies find harder. Government can make a huge difference here. Through procurement policy to create markets, support for exports and inward investment partnerships and by providing the steady supply of medium term finance needed to support investment and expansion.”
“In the midst of continental crisis, we have the chance to mould policy for a generation. We should be bold while we can be. We must seize this chance. The chance to re-industrialise may not come again. The chance to grow may never be as great.”
The alternative was to be a ‘warehouse’ economy stacked with other people’s goods, he said.