Half of manufacturing firms believe the Government’s strategy to rebalance the economy is wrong, according to a study.
A survey of 1,000 firms by the Institution of Mechanical Engineers revealed criticism of ministers’ efforts to boost manufacturing, with 54 per cent saying the Government was performing badly.
IMechE’s president John Wood said: “Manufacturing has been the engine of the economy, helping to drive us out of recession, but the recent alarming slowdown in the sector’s growth means we now need to see Government and industry pull out all the stops to get manufacturing back on track.
“This report shows that, worryingly, a majority of manufacturers think the Government has the wrong strategy to make this happen.
“Manufacturers want to see the Government's rhetoric translated into action. This means introducing incentives for businesses to create new products and investing in the engineering skills that are crucial for Britain's future.”
The poll showed that three out of four firms believed the Government was more committed to the finance sector than to manufacturing.
The Conservatives had the biggest approval rating with nine per cent of respondents. Labour followed with two per cent while just 1.1 per cent of manufacturers showed approval for the Liberal Democrats.