Make UK said a survey of 320 companies found that output and orders were increasing, with the sector forecast to outpace the economy this year
Manufacturers are seeing signs of growth and an improved economic outlook, according to fresh research.
Make UK’s survey of 320 firms revealed that output and orders are on the rise, with the sector predicted to outperform the economy this year. Business confidence has increased to match its highest level in the past decade, as companies aim to bounce back from a two-year “slump”, the report stated.
The survey indicated that manufacturers want the incoming Government to prioritise implementing an industrial strategy. James Brougham, senior economist at Make UK, commented: “At long last, manufacturers can see concrete signs of growth and a much better economic outlook ahead.”
“With prices cooling and potential cuts in interest rates to come, the next Government must capitalise by delivering a modern, long-term industrial strategy which goes beyond the 2030s and has cross-Government support.”
“This must be supported by a revolution in skills, a shortage of which is the biggest factor affecting not just companies’ growth prospects but, in many cases, their ability to maintain daily operations and fulfil contracts. This must now be a national endeavour and begin with a fundamental review of the apprentice levy and wider vocational training system.”
