Against the odds: The future of UK manufacturing
A positive picture
The macroeconomic backdrop has meant that manufacturers are still navigating challenges, however, taking hold of existing opportunities will support the sector to thrive. The economic picture may be beginning to improve but manufacturers certainly aren’t out of the woods yet. Last year, our main concerns were around inflated materials costs, a shortage of workers pushing up wage bills and elevated energy rates. These pressures have not gone away, but have the potential to become exacerbated by a pronounced slowdown in new orders as consumers hunker down to ride out the cost- of-living crisis. Governments around the world are responding with a raft of policy incentives, but the likelihood is that UK manufacturers will have to wait until after the next General Election for a new comprehensive industrial strategy and any new support. That said, there is much in this report that suggests that there is less desire for government intervention than there has been in recent years.
Instead, manufacturers are showing impressive resilience and seizing the initiative – exploring the potential of new technologies and working to build the skills base they need to stay competitive. I’m confident that they have the plans in place to succeed, with a singular focus on their long-term growth and prosperity. Whether it’s resolving operational challenges or seeking new funding, we’re here to help.
I’m confident that they have the plans in place to succeed, with a singular focus on their long-term growth and prosperity. “
Get in touch
Allan Kelly Partner Restructuring Advisory Newcastle +44 (0)7921 921 400 allan.kelly@frpadvisory.com
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