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IET comments on the Spring Budget

Responding to the measures announced in the Spring Budget 2024, Stephanie Baxter, Head of Policy at the Institution of Engineering and Technology, said:

“The Institution of Engineering and Technology welcomes today’s Spring Budget announcements on nuclear, apprenticeships and R&D investment."

“Further developing the UK’s nuclear capacity, particularly in small modular reactor development will be critical to support the move towards net-zero. However, this must be underpinned by a strong skills pipeline. That is why we welcome the further investment for apprenticeships in key growth sectors, including nuclear technicians and electrical power network engineers, which will enable the UK to become a major player in sustainability and digital – key to sustainable, long-term economic growth.

“However, we are disappointed to see that, once again, calls to reform the Apprenticeship Levy by making it more flexible for employers to upskill and reskill existing employees, particularly with micro-credentials in new and emerging technologies like AI and digital twins, has been ignored. Only by remaining agile, will we plug skill gaps now and in the future.

“Likewise, R&D investment will help to ensure that the UK can remain competitive. Alongside this, a strategic focus on developing digital and sustainability skills in new technologies will be critical. For example, digital twin technology can reduce down-time for manufacturing and optimise processes, but currently only 23% of employers surveyed in 2023 said that the UK has skills in this area. A strong skills pipeline strategy will ensure that investments in R&D result in advancements in manufacturing for the UK, boosting economic growth.

“It is also welcoming to see that there is clear recognition in this Budget about the role technology plays in improving productivity, especially in the NHS – where interoperability remains a significant hurdle. The application of engineering technologies to healthcare promises a revolution in the way we diagnose, monitor and treat disease, and will empower healthy lives.”

ENDS

Notes to Editors

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