DS Smith’s Group Chief Executive has called for the new UK government to help make the UK a more attractive place to invest, and to align with EU regulation to support trade.
Miles Roberts, Group Chief Executive of DS Smith, shared industry insights on trade, investment and what is needed to support UK manufacturing. Speaking on the Wake Up to Money and Today Programmes, Miles Roberts noted:
Regulatory Alignment
It is an excellent moment for the new government to reset the relationship with the EU to support trade.
The EU is developing new legislation, but the UK is not keeping pace with the new standards which creates automatic divergence with our biggest trading partner, and generates avoidable costs to business.
We need regulatory alignment – unless something is demonstrably not in the UK’s own interest, then we should be considering aligning with EU rules, so that we have less friction.
Supporting UK manufacturing and making the UK a more attractive place to invest
A vibrant, growing, UK manufacturing base could have a very significant and positive effect on the economy.
Alongside regulatory alignment with the EU, it is crucial that the government set out a long-term plan for infrastructure and energy solutions.
The UK will be a more attractive option for investment into manufacturing if a clear energy plan is set out.
Understanding the energy sources and connections, and how the grid’s capacity will be enhanced to accommodate this, is critically important.
Miles Roberts, Group Chief Executive at DS Smith, commented: “Support for a vibrant, growing, UK manufacturing base will in turn support economic growth, and right now there is an excellent opportunity to reset and realign with the EU to help make that a reality. A failure to maintain the standards of our biggest trading bloc presents a cost, but if we can make sure that standards are common, it will reduce cost to British business, and in turn, the consumer. Unless something is demonstrably not in the UK’s own interest, then we should be asking why we aren’t aligning with EU rules.
“Aside from the need for regulatory alignment, British businesses need a long-term national industrial strategy that will support higher levels of investment and growth. For manufacturers, energy sources are critical – we need to understand the source and cost of energy, how we connect to it, if the power supply is sufficient, and how the grid will support it, before any planning to invest in new technologies or factories can happen. For our part, DS Smith has already invested into lower-carbon facilities in Italy and Poland, and into greener technologies in Germany, France and Spain, because we have ambitious decarbonisation targets and the industrial and energy policy frameworks in those countries are made clear. With a clear plan, the UK can underscore why it is an attractive place to invest, and growth can follow.”
