British manufacturers favour staying in Europe

A poll by accountancy firm BDO LLP shows that around 60 per cent of Britain’s mid-market manufacturing firms are in favour of staying in the European Union.

Of the companies surveyed, 59 per cent said they wish to stay in the EU under the proposed new terms, while 67 per cent believed that leaving the EU would make it harder to run a successful business.

The survey focused on firms with annual revenue of between £10m to £300m. This broad cross section accounts for an estimated 80 per cent of the UK’s manufacturing businesses. Combined, they create one in four private sector jobs and account for around a third of the UK’s total revenue (over £1 trillion a year), according to BDO, yet make up just one per cent of all UK companies.

While the arguments for and against a so-called ‘Brexit’ are much the same for mid-sized companies as they are for other manufacturing outfits, there’s a danger that this crucial sector is being overlooked, according to BDO’s head of manufacturing, Tom Lawton.