Chancellor’s Mais Lecture: Key Takeaways for Manufacturers
17.03.2026
In her Mais Lecture, delivered today, Chancellor Rachel Reeves largely reiterated the government’s focus on an investment-led growth model, bringing together existing policies under its “securonomics” framework in response to a more uncertain global backdrop.
For industry, the speech underlined continued support for key sectors including advanced manufacturing, defence, energy and emerging technologies, alongside ongoing reforms to planning, infrastructure and access to finance. The importance of improving productivity and increasing business investment remained a consistent theme.
There was also a renewed emphasis on regional growth, particularly across major city regions in the North of England, as well as skills and labour market reforms aimed at supporting workforce participation and training.
On trade, the Chancellor signalled a more pragmatic approach to the EU, with potential for closer alignment in areas where it could reduce friction for businesses.
While the lecture reinforced the direction of travel, it offered limited new detail in some areas. For many manufacturers, energy costs and security of supply remain the most immediate concerns for competitiveness and investment decisions.
This is a welcome commitment from the Chancellor in key areas that will offer a platform of stability in a difficult international environment, boost growth across the Regions and show that the UK is committed to attracting and retaining the best talent from around the world, as well as a focus on the technologies not just of the future but, the her and now. Closer ties with the EU are also essential to helping smooth trade with our biggest market which reflects the real world.
“However, the overwhelming priority for business is the need to get energy prices down and ensure the security of supply of oil as a critical material for primary manufacturing. This is the single biggest factor impacting on industry’s competitiveness and nothing should be off the table in addressing this. So long as energy prices remain at current levels we will continue to face the threat of de-industrialisation and the loss of key industries.
