A new age of industrialisation will only be possible if the Government rethinks its approach to taxes on businesses

If the Government really wants to realise a “new age of industrialisation” then it needs to ensure that businesses are given the confidence to invest.

That would mean a sea change in the way that tax policy works in this country. Too often businesses have been viewed as a cash cow. But the trade off is becoming apparent.

On the whole, the Government is right to look at industrialisation as an area of opportunity. The world is rapidly changing, the climate emergency will require innovative solutions. There is no reason for this innovation not to emanate from places like Yorkshire. Artificial Intelligence (AI) is opening up new frontiers. Frontiers that must be carefully navigated but retrenchment is not an option.

Just last week, Sir Jim Ratcliffe’s Ineos announced it is mothballing its three chemical plants in Hull, with the billionaire blaming higher UK gas prices for “destroying” its manufacturing base.

A lot has been said about Britain’s faltering economy but too little is being done to support businesses that can get it moving in the right direction.

In order to be able to afford a welfare state, a working NHS and public infrastructure, the Government needs growth and it will only get that by working to empower those that will deliver growth.

Reindustrialisation does not mean turning the clock back, rather it is about looking to the opportunities ahead.

As columnist Andrew Vine writes in today’s newspaper, there is a real danger that reindustrialising Britain becomes another hollow slogan much like ‘levelling up’ became.

The Chancellor’s Budget in a month’s time needs to provide businesses with certainty. Certainty is a prerequisite of growth.