Gloucestershire News

Sir David McMurtry of Wotton-under-Edge-based Renishaw calls on new government to support manufacturing

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Written by: Gloucester Citizen & Gloucestershire Echo | Posted 12 May 2015 16:42

Sir David McMurtry of Wotton-under-Edge-based Renishaw calls on new government to support manufacturing

A leading Gloucestershire business figure is urging the new government to support manufacturing to make the UK less reliant on the financial sector.

Sir David McMurtry, chairman and chief executive of Wotton-under-Edge-based Renishaw, said: “Whilst the Government may have changed, the priorities for UK manufacturing remain the same.

“I would like to see continued support and investment in the wealth-creating manufacturing sector, to help rebalance our economy away from a disproportionate reliance on the financial and retail sector.

“It seems to me that there are too many, and often complex, initiatives to assist our wealth creators and that what we need is for more targeted support towards those businesses with a good track record of successfully generating jobs and taxes for the UK and also towards those sectors with the best potential for growth.

“As in business it is about finding the most cost-effective measures to generate growth and maximising a return on investment.

“I believe that this is also not simply about diverting taxpayers’ money towards businesses but streamlining the process and reducing the cost of distributing that money by allowing growth businesses to retain more of their profits to reinvest in schemes that generate wealth and jobs.”

He added: “I hope that Initiatives such as R and D tax credits and Patent Box are retained by the new government, as these are schemes which have incentivised innovation and allowed Renishaw and others to reinvest in our businesses.

“Fundamentally I believe that people are wisest when making investment decisions with their own money.

“As a country with few and diminishing natural resources, there also needs to be an appreciation of the value of exports to the UK economy.

“The last Government set an ambitious target of raising exports to £1 trillion by 2020 and as the manufacturing sector currently represents 50 per cent of our total exports then it is clear to me that a focus on assisting both existing and potential exporters of manufactured goods needs to be intensified.”

Sir David concluded: “In all of these areas we would welcome a dialogue with the new government and other influencers as to potential ways forward.”

Photo caption: Sir David McMurtry.

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