BACKING growth industries could boost exports by £30bn, according to a CBI report published today (Thursday).
By maximising the strengths in sectors such as aerospace, automotive, green technology and the creative industries, CBI analysis indicates the potential for huge  export opportunities.
Realising our potential however requires that the UK keeps pace with its international rivals who are also seeking out the same opportunities. This will need the Government to build a world-class environment for business to operate in and then to go further – by using policy to play to our competitive advantages in a focused number of sectors, tilting the playing field to build champions, the report said.
Sarah Green, North-East Regional Director for the CBI, said:
“The debate has moved on from whether the UK should have an industrial strategy, to what the right approach should be. It’s not about picking winners and it’s not about the Government spending more money – rather, it’s about tilting the playing field for those sectors where we have real advantages, potentially boosting our exports by up to £30bn (by 2020).
“The new super-material graphene is just one example of what could be possible, and the UK has a leading position following some stunning research in our universities. Graphene could be used in a whole range of future applications, even having the potential to progress fuel cell powered cars. So it makes sense to encourage further research, and help translate these breakthroughs into real-life applications with a high economic value.
“The UK has a long, proud industrial heritage, and we still have a great many world-beating companies today. We should not be shy about talking up our success stories, in sectors from aerospace to creative industries, chemicals and pharmaceuticals to green tech, maximising their potential to capture high-growth opportunities and ensuring these companies are helped every step of the way, not held back by mis-directed Government action.”