UK manufacturers remain sceptical of the ability of politicians to reduce tax, red tape and the deficit, according to research released today by Barclays Corporate.
The research, in which 660 business leaders were polled on the political conditions they expect their businesses to face in a decade, found that manufacturers were resigned to the fact that they would be dealing with more red tape (75 per cent) and higher taxes (63 per cent) in a decade.
Manufacturing was also the only sector in which, on balance, businesses predicted there would be an increasing reliance in the UK on the public sector over the next decade.
Mark Lee, head of manufacturing, transport and logistics for Barclays Corporate, commented: ‘Manufacturers remain sceptical about the power of politicians to make significant change within the sector.
‘However, it is also important for manufacturers to accept that growth is far more likely to come from the private sector for the foreseeable future; relying on the public sector alone is not a recipe for success over the coming decade.’
Manufacturers are reportedly more positive than businesses generally around whether UK infrastructure will be fit for purpose in a decade, but are divided on whether the state education system will be more or less able to support the needs of the business environment.
Lee continued: ‘With some concern over whether infrastructure and education will be fit for purpose in a decade, companies must be proactive in advocating what infrastructure investment and education policy they believe will best facilitate growth for the manufacturing sector in the coming decade.’