IET react to Budget 2021
Investment in skills, energy, transport and innovation is vital as we move out of the pandemic towards a more sustainable, healthy economy.
Simon Edwards, Director of Governance and External Engagement at the Institution of Engineering and Technology (IET), said:
“We were pleased to see a range of areas, including skills, energy, transport and innovation, receiving investment in the Budget. Investment in these areas is vital as we move out of the pandemic towards a more sustainable, healthy economy.
“The Government’s announcement on Green Bonds, allowing investment in green technology, is a welcome strategy to invest in renewable energy and clean transport to help the government’s goal of reaching net zero by 2050. However, there must be suitable ability to invest and enough returns for potential investors.
“The ‘Help to Grow’ scheme for SMEs, which will improve productivity by allowing businesses to receive training, is welcomed. However, the Government must ensure that this teaching time is accessible for the smallest of start-ups, whose time may be more invested in ensuring revenue rather than in management for now. We hope that this will be a long-term programme to ensure as many businesses as possible can access this support.
“The increased incentives for companies to take on apprentices is a welcome measure, particularly for sectors such as engineering which are more costly to run. Importantly this will help people of all ages to either gain new skills or reskill and take the opportunities that exist for a career in engineering and technology.
“The £22bn new Infrastructure Bank is a positive step toward innovative building within the UK. With a green building focus, the potential for this fund is good. With £12bn of this fund going directly into capital investment, it should allow for cities to become more sustainable, whilst preparing for the new wave of technologies, including autonomous vehicles and retrofitting of housing.”