Make industrial strategy a priority - report
Britain’s manufacturers are calling on the next government to deliver industrial strategy and strengthen ties with the EU, Make UK’S Q2 Manufacturing Outlook Survey has found.
The survey of 320 companies shows that UK manufacturers are seeing a boost in growth prospects as output and orders pick up, with the sector forecast to outpace the economy overall this year. It also shows that business confidence has risen to equal its highest level in the last decade as companies emerge from a two-year slump following the post-Covid rebound.
Looking forward, the survey shows that manufacturers want the next government to make delivering an industrial strategy its top priority. Such a strategy must have a ‘skills revolution’ at its core, with Make UK warning that a shortage of skills is now a critical issue for many companies.
According to ONS Labour Market Data, there are currently 64,000 vacancies in manufacturing which is costing £6bn in lost output, a figure calculated by multiplying the number of vacancies by the average GVA of every manufacturing worker. Vocational skills in particular are a concern, caused largely by a reduction in Level 2 and 3 engineering apprenticeships.
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