Business secretary Vince Cable acknowledges that engineering is central to building a strong economy.
He was speaking following the publication of an influential new report by the Royal Academy of Engineering which estimates engineering companies contribute over £480bn to the UK economy.
"Engineers contribute to many areas of the economy; their understanding of technology and the opportunities it brings is helping drive up competitiveness across many sectors," said Cable.
The report by the Royal Academy of Engineering was published with the launch of its Engineering for Growth campaign. The RAE aims to demonstrate the economic impact and the benefits to society which engineering can provide.“Engineering already makes up at least 28% of the UK economy and employs over 5.4 million people. It will need to play an even greater role as we rebalance and deliver growth in the economy," said Sir John Parker, president of the Royal Academy of Engineering.
Later this spring the Academy will launch the Enterprise Hub, a new business resource that will see a large number of Academy Fellows mentoring new engineering and technology start-ups.
As part of the Hub's activities, the Academy aims to build on its BIS-funded Engineering Enterprise Fellowships programme which enables entrepreneurial academics to spend a year starting a business.
"We strongly support The Royal Academy of Engineering’s work to help young, highly-skilled engineers to develop entrepreneurial skills to take technologies to market. Small businesses are an important part of an agile economy, and having entrepreneurism as well as technical knowledge of the sector is essential to ensure success," said Cable.
“Engineering for Growth highlights the vital role engineering will need to play if we are to achieve this and maintain our place as a global economic power," said Sir Roger Carr, president of the CBI.
“The UK economy can only grow if it has the ability to turn innovative ideas into dynamic products and services,” said Carr.
