UK manufacturing bullish about competitiveness as firms move past EU rivals
Manufacturers believe the UK is a more competitive place to locate their activities compared with a year ago, research suggests.
An increasing number of firms say they are moving ahead of their European rivals, although they remain wary of the huge threat to their competitiveness posed by the US, India and China, said a report.
A survey of more than 200 senior manufacturing executives by Make UK and PwC found that after a difficult few years through the pandemic and rising energy prices, there are optimistic signs.
Firms were said to be more bullish about the prospects for manufacturing in 2024.
Stephen Phipson, chief executive of Make UK, said: “The last few years have been a rollercoaster of emotions for manufacturers, yet they have more than demonstrated their resilience time after time.
“We are now seeing some hope that conditions may be improving, amid a more supportive and stable policy environment, but this must be cemented within a long-term industrial strategy.
“While undoubted challenges remain, the accelerating use of digital technologies, our strength in innovation and expansion into new markets sets the scene for manufacturing to be at the heart of efforts to boost growth.”
Business and Trade Secretary Kemi Badenoch said: “This Government is working hard to ensure the UK remains a global hub for manufacturing, and it’s paying off – with the UK overtaking France to become the world’s eighth largest manufacturing economy.
“Our plan for UK manufacturing is working; from Tata’s investment in a £4bn gigafactory in Somerset, to BMW’s £600m investment to build the next generation of electric Minis in Oxfordshire, the Government and the private sector are working hand-in-glove to create jobs, grow the economy, and secure the future of great British manufacturing.”
Press Association – Alan Jones