Industrial Strategy fosters confidence for UK manufacturing - survey

The findings are from the annual Make UK/PwC Senior Executive survey, which asked 161 senior manufacturing executives about the opportunities, risks and challenges for their business in the year ahead.

As well as the benefits from an industrial strategy, the survey shows that despite headwinds associated with rising costs, most manufacturers believe that the UK remains competitive and the opportunities for their business in 2025 outweigh current risks.

Consequently, manufacturers are backing their belief in the UK as a place to manufacture with an emphasis on developing new products, entering new markets and upskilling and retraining staff. The survey also gives credibility to the view of some economists that companies will counter the impact of increased costs by investing in new technologies and automation to improve their efficiency.

Following the recent consultation, Make UK is now urging government to set out in detail the full proposals of a formal long term industrial strategy.

In a statement, Stephen Phipson, chief executive of Make UK, said: “Manufacturers have demonstrated their resilience over and over again in recent years and, despite the numerous challenges they face, those that remain innovative and are prepared to invest in new technologies, expanding markets and, most crucially, their people will continue to thrive. But they can only do this if they are operating in the most favourable business environment, and there is little doubt that the next twelve months are set to be immensely challenging in a complex international environment.