SME manufacturers call for greater and faster financial support

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Plunging sales, falling production volumes and the prospect of job cuts have prompted SME manufacturers to call for greater and faster financial support from the government.

These are the stark findings of the latest Manufacturing Barometer, a survey of over 600 firms across England that has revealed how the Covid-19 pandemic is affecting industrial confidence. It found almost 9 out of 10 respondents predicting a severe decline in production volumes and 85 per cent expecting sales to drop over the next six months.

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Conducted by South West Manufacturing Advisory Service (SWMAS) and the Manufacturing Growth Programme (MGP), the report also shows that over half (55 per cent) of firms believe they will need to cut jobs between now and October, despite the business grants on offer and furloughing.

In total 84 per cent say they require urgent financial support to get through the current climate, with 16 per cent confident that the government is doing enough to help the sector cope with the pandemic.

In a statement, SWMAS’ Simon Howes said: “COVID-19 is having a huge impact across the UK economy, but it is especially problematic for our sector as manufacturing cannot be carried out remotely, relying as it does on physical interaction with machinery and parts.

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