Signs of growth in UK manufacturing as economic outlook improves

(Alliance News) - Manufacturers are seeing signs of growth amid a better outlook for the economy, ...

Alliance News 17 June, 2024 | 4:50AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Manufacturers are seeing signs of growth amid a better outlook for the economy, according to new UK research.

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.

Business confidence has risen to equal its highest level in the last decade, as companies look to emerge from a two-year "slump", said the report.

The survey showed that manufacturers want the next government to make delivering an industrial strategy its top priority.

James Brougham, senior economist at Make UK, said: "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."

source: PA

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures