Karen Briggs, Head of Brexit at KPMG comments on today’s Industrial Strategy announcement:
“Brexit offers us all the chance to think about the UK we want and create the conditions to build a highly skilled, innovative, creative economy. This means business will welcome today’s industrial strategy green paper as a first step towards enabling the UK to reach its full global trading potential. There is much that can be done to improve productivity, address the structural weakness or imbalances in our economy, and consolidate the UK’s strength as sector leaders in everything from finance, to automotive, to media and aerospace.
“Our own research shows that, in the UK one of the most important levers policy makers can pull to improve our growth potential is education where we rank behind international rivals such as, Ireland, Germany Spain, Canada, and France. Trade is another area where we need to work much harder to demonstrate the UK is open for business. Thirdly infrastructure, like transport and telecommunications, is a vital area where the UK has a significant weakness compared to some of our peers.
“We applaud the range and scale of the government’s ambition plus the move towards a more active and connected strategy. However, whilst a post-Brexit trading relationship with Europe is being forged it is vital that the government, and not just businesses, properly invests in our ability to trade globally. The acid test will be how quickly everyday companies feel the benefit of this strategy - with access to new support, better infrastructure, improved trading links and readily available skilled labour. Our performance on these issues will ultimately determine how competitive the UK remains on a global stage.”
Notes to editors:
For press enquiries please contact
Paul Middleton, Corporate Communications Senior Manager
T: +44 (0) 20 7694 2180
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.