As the Chancellor, Philip Hammond announced in his budget, the UK will see an investment of more than £500m in “a range of initiatives from artificial intelligence, to 5G and full fibre broadband”.
In response to the announcement, David York, regional vice president, UK and Ireland, Epicor Software, looks at how this will impact the manufacturing sector…
“The Government has come under much fire recently for low productivity figures in the UK. Today’s allocation of funding to put the country at the forefront of the global technology revolution signals a major shift in attitude and policy.
“It is also really welcome news for the manufacturing sector as areas highlighted for investment are the new wave of industry-transforming technologies such as the Internet of Things, Big Data, and Artificial Intelligence, which allow us to work smarter and harder.
“Agile and flexible businesses that commit to investing in innovation and transformational technologies are the ones that will thrive in the uncertain pre and post-Brexit market conditions. They will be able to reduce costs, increase productivity and grow market share.”
Steve Lindsey, CEO and founder of Lontra said:
“We’re delighted the Chancellor has committed to backing British manufacturing in Wednesday’s Autumn Budget. The UK is perfectly placed to lead the world in precision manufacturing. We’re already planning our own onshore manufacturing facility following many of the principles set out in the Made Smarter report. While treasury interventions such as Patent Box has provided limited support, we are glad the Chancellor recognises there is far more the Government can do to help bring inventions to market and establish our lead in the fourth industrial revolution.
Lontra is an example of how investing in innovative technology can unlock industry leadership for the UK – our compressor technology has the potential to revolutionise everything from food manufacture to transport to battleships. Investment on this scale is an opportunity to turbo boost UK manufacturing.”
