A survey of senior executives by Make UK found that about three in five plan to increase investment in response to a long-term industrial strategy
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.
“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.”
“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.”
Industry Minister Sarah Jones said: “It’s great to see such high confidence from businesses in our Industrial Strategy, which will drive investment into the economy and help boost jobs and living standards in every part of the UK, delivering on our Plan for Change.
“Our world-class manufacturers are vital to delivering the Industrial Strategy, with advanced manufacturing one of its key growth sectors, and we’ll continue to do everything we can to promote the UK’s cutting-edge industries to global investors.”
