But to be able to realise these benefits, we need to drive reindustrialisation at scale. This means solving some key challenges around investment in green technologies and access to skilled talent.
Almost two thirds of the business leaders surveyed in the study believe that reindustrialisation will create new jobs and increase wages, which will drive demand for highly skilled workers.
To reduce the skills gap, organisations must upskill those already in the workforce to align with the demands of advanced manufacturing, digital skills, and emerging technologies.
These efforts need to be accompanied by a clear strategy for retaining and attracting skilled workers to ensure manufacturers can successfully compete with other industries for the best talent.
We also need a strong pipeline of fresh talent and long-term policies for embedding tech skills training throughout all stages of the education curriculum.
Businesses can support this by collaborating with government agencies to offer training and development programs in advanced manufacturing and by tapping into new technologies such as generative AI to improve the scale and efficiency of their training programmes.
Reindustrialisation could have a profound impact on the UK economy: from creating new jobs, to boosting sustainability and reducing our dependence on foreign manufacturing. We run the risk of falling behind our competitors if we don’t act now.
This opportunity will require a clear strategy for nurturing domestic manufacturing capabilities, supply chains, energy sources, and improving access to highly skilled talent.
Policymakers and business leaders need to work together to foster a competitive business environment that stimulates growth, reduces red-tape, and provides incentives for investment in green technologies and skills. Britain must be bold in the race for reindustrialisation and the huge opportunities it offers.
Mike Dwyer is Head of Intelligent Industry, Capgemini UK
