GGF Responds to Prime Minister’s Speech

Praful Nargund, Good Growth Foundation Director, said:

"Our own research has shown that the public are keen on more support for manufacturers, an industry many feel has been left behind. The Prime Minister’s announcement today is a constructive and symbolic move to bolster the car manufacturing industry - a critical exporter for Britain.

”But the reality is that the last week has brought era-defining change - for markets, business, and in time, UK consumers. We must now accept that the US will be an unreliable partner for the near term. The Prime Minister is right to take a calm and pragmatic stance - for now, choosing to avoid reciprocal tariffs.

”And whilst the promise of further pro-growth measures is reassuring, we have to avoid navel-gazing and think more boldly, more seriously about developing stronger trading ties with others as quickly as possible. The UK has the opportunity to be a safe haven in an ocean of chaos. That means picking our friends carefully.

”For months now, the public has said it prefers a close trading relationship with the EU over one with the US. We have to get our ducks in a row ahead of the upcoming UK-EU summit to achieve meaningful change, strengthening our relationship with the UK’s biggest trading partners. In May, the Good Growth Foundation will be providing answers on how we can boost those ties, to bring more stability to our trading prospects and more money into people’s pockets."