Commenting on the statement by the Chancellor of the Exchequer, Stephen Phipson, chief executive of Make UK, said:

“Industry will applaud the Chancellor’s bold intent which will spur the process of rebuilding business confidence and healing the economy. Manufacturers were already at the forefront of a new digital era and the crisis has shot them forward into a future economy where there will be new jobs which will require new skills.

“As such, the emphasis on protecting jobs which already exist, whilst safeguarding and preparing young people with the skills for future jobs which may not yet have been invented is a strategy that companies will fully support. In particular the funding for Apprenticeships is especially welcome and will help boost employers’ investment in their future workforce.

“This is not the beginning of the end of this crisis, however, but perhaps the end of the beginning as far as the economy is concerned. Moving forward, just as industry has shown how flexible and innovative it can be at a time of national need, then Government will need to be equally flexible and innovative in dealing with the after effects which will undoubtedly require further action at some stage. Manufacturers stand ready to work with Government to do whatever it takes to boost growth and livelihoods across the whole of the UK.”