9 March 2021
I was disappointed to read in The Financial Times that the UK Government has gone cold on its industrial policy commitment. Throughout this crisis the government has focused its energy on tackling short-term issues, but failed to outline a longer-term strategy to tackle the structural challenges that will hold the UK back, such as our faltering productivity and widening skills gap. CIMA has been calling for such a long-term approach over the course of the pandemic.
Investors hold companies to account over their business strategy to ensure they survive and thrive, with some leading industrial organisations modelling the risks and opportunities over the next 50 years to secure investment and drive returns. Perhaps government could take a leaf out their book and create a vision and formula for long-term success. To date, the government seems unwilling to show its commitment to the country’s long-term prosperity, which we believe will prove detrimental to the UK economy.
Andrew Harding, FCMA, CGMA
Chief Executive — Management Accounting
The Chartered Institute of Management Accountants, part of the Association of International Certified Professional Accountants