Manufacturers say UK remains competitive despite rising costs and trade war fears
Manufacturers say UK remains competitive despite rising costs and trade war fears
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Despite challenges like rising costs and the threat of a trade war, UK manufacturers remain confident about the industry's competitiveness, revealed a new report by Make UK. The survey highlighted that nearly 60% of senior executives are ready to ramp up investment anchored by a solid long-term industrial strategy. However, a third are less optimistic, fearing economic downturn this year.
Make UK is pushing for a prompt and detailed Government blueprint for a robust industrial strategy. Their CEO, Stephen Phipson, 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.
"It is now vital that the Government sets out as a matter of urgency the immediate and significant priorities as part of its formal industrial strategy, given the very clear benefits manufacturers believe this will bring.". Cara Haffey from PwC UK, who supported the survey of 160 executives, noted: "While it’s true that UK manufacturers are navigating a complex business landscape, compounded by rising costs, there’s a palpable sense of optimism and resilience underpinning the sector’s trajectory for 2025.
"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.
