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PM's Industrial Strategy Ignores Brexit

Tuesday, January 24, 2017

We're glad they've noticed this is Government's job, but the Prime Minister's strategy ignores the looming effects of leaving EU, union says.

GMB union today welcomed the admission from the Tory government that investment in industry and our economy is the way forward for growth and productivity, not the austerity economics which has clearly failed the country.

The plan, unveiled at a cabinet meeting in Warrington earlier, promises investment in industry, skills and infrastructure, although it remains unclear how much of the investment is 'new' money.

The sums announced also fall short of the swingeing cuts many sectors - especially further education - have felt in recent years.

GMB welcomes the Government's new found confidence in state intervention in the economy, but the 'elephant in the room' is how achievable any industrial strategy is with a complete exit from the single market and customs union on the cards.

Only today, financiers predicted wages would fall by 30% in real terms over the next 20 years as a result of being outside the single market. [1]

Tim Roache, GMB General Secretary, said:

“I'm glad the government have realised it's their job to invest in the economy, people and skills - we've been telling them that for long enough.

"Most people outside Westminster would be shocked to find out this is a new thing, that their Government hasn't been busting a gut each and every day to create more and better jobs and training opportunities.

"It's about time the government got it's act together and hand in it's pocket, but given just last week the Prime Minister announced that we would recklessly and needlessly leave the single market and customs union - this seems more like pledges based on wishful thinking than the new economic reality of the UK.

"We also didn't miss that fact that there is not one mention of trade unions in 130 pages of the industrial strategy green paper, which would be unthinkable in many other countries."

ENDS

Contact: GMB Press Office on 07958 156846 or at press.office@gmb.org.uk

[1] http://www.independent.co.uk/news/business/news/brexit-guy-hands-says-cut-wages-30-percent-twenty-years-private-equity-a7540986.html

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