UK Manufacturers see industrial strategy as a ‘game changer’ for investment and productivity

13 February, 2025

“Additionally, there’s a strong focus on innovation, with companies investing in new product lines and business development to seize growth opportunities. This approach, alongside efforts in product development, upskilling, cost management, and embracing technology, positions manufacturers well to navigate challenges and contribute significantly to national economic growth.” According to the survey, over half of manufacturers (57%) said they would increase investment if a long-term industrial strategy were introduced. Additionally, 43% believe such a strategy would drive productivity improvements, while 42% see it as key to addressing future skills needs.

Despite significant pressures, the survey shows that almost half of companies (49%) regard the UK as a competitive manufacturing base, compared with just a quarter who disagree. Moreover, 78% of manufacturers are developing new products, nearly half are deploying new technologies, and over a third (37%) are planning to expand into new markets.

However, challenges remain, with the overwhelming majority of companies (92%) expecting employment costs to rise. Additionally, over three-quarters (76%) anticipate increases in other business taxes, while 72% foresee rising logistics and transport costs. Make UK is urging the Government to ease the burden of these cost increases by reducing business rates and introducing further measures to support decarbonisation and energy efficiency.

https://twitter.com/MakeUk_

https://www.linkedin.com/company/makeuk/