UK Manufacturers Expect Positive New Year

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By Joe Hoppe
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UK manufacturers are positive on the market outlook in 2022, although difficulties in accessing labor and rising input costs have dampened optimism, according to a new survey.

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Nearly three quarters of UK construction companies expect the situation to improve in the new year, with 73% now considering the opportunities ahead for their business outweigh the risks, according to data from Make UK and PricewaterhouseCoopers.

A survey of 228 companies conducted in November found that manufacturers are prioritizing productivity improvements, as well as investing in their workforce and in product development.

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Cara Haffy, UK, PwC, said, “Despite facing an unprecedented combination of COVID pressures, cost inflation and supply chain issues, our manufacturers are responding with an impressive amount of agility and resilience, which will enable them to look forward to the coming year. Will put it in a good position.” Industrial manufacturing and automotive leader.

However, overcoming optimism is mounting inflationary pressures and increasing difficulties, as well as retaining talent and key skills.

Equally, while nearly two-thirds of respondents believed the UK to be a competitive place for manufacturing, equally many said leaving the EU had caused a minor or significant disruption to their businesses. About 56% of companies fear further disruption this year from customs delays due to import checks and product labeling changes.

Make UK forecasts that manufacturing will grow by 6.9% in 2021, and is predicting 3.3% growth in 2022.

“To build on this we now need to see a government that is fully committed to supporting the sector at home and abroad. This requires more than a development plan, but a comprehensive industrial strategy. What sets a long-term outlook for the economy and how we are going to achieve sustainable economic growth across the country,” said Make UK Chief Executive Stephen Fipson.

Write to Joe Hope at [email protected]

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