Report finds manufacturers struggling with productivity puzzle

News

A new report has found that manufacturers are failing to take crucial steps to boost their productivity.

The Understanding the Puzzle report from Lloyds Banking Group and the Manufacturing Technologies Association canvassed the views of more than 1,500 businesses across the UK.

The report found that 59 per cent of manufacturers recognise productivity as an issue for the UK economy, but as few as a quarter (28 per cent) believe it is a problem for their own businesses.

While two thirds say they have a plan in place to improve their productivity, 19 per cent do not have a plan yet, and almost a sixth (15 per cent) say they never will.

More than half (54 per cent) of manufacturers recognised that their own lack of investment was the main problem, and 68 per cent intend to invest in their business in the next year. Of that number, 31 per cent are increasing their spend, while 35 per cent are freezing it and a tenth are making cuts.

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