Manufacturing sector March update

The UK manufacturing sector accounts for £192bn of output, the world’s ninth largest manufacturer. Around 2.7m people in the UK are employed by manufacturing businesses, which demonstrates the vital importance of the sector to the success of the UK economy overall.

The Annual Manufacturing Report 2020 states that 81% of business owners are ready to invest in new digital technologies to boost productivity. This level of investment will see new jobs created across the spectrum, which could facilitate sector growth.

The manufacturing sector has experienced some challenges in recent times, with the Brexit repercussions and the ongoing Covid-19 pandemic resulting in some businesses experiencing some difficulties.

Although the pandemic has caused problems for the automotive industry for example, there appears to be light at the end of the tunnel, as the mass vaccine programme is starting to snowball across the UK. Therefore, it is hoped that both factories and dealerships can get back to the business of making and selling cars at pre-Covid levels.

Certain sectors, such as food and drink and consumer packaged goods, have seen an upswing in activity in recent months, and are experiencing record levels of growth for the foreseeable future.

Increased demand for PPE, including disposable gloves, aprons, gowns, surgical masks, respirators, visors, and goggles – as a result of the Covid-19 pandemic – has seen the sector surge in worth to now stand at an excess of £8.7bn in the UK annually.

The future is unpredictable due to the unprecedented times we live in, but the market situation is favourable and now is an ideal time to start planning the future of your business. If you would like an initial chat with our industry-leading experts, contact us on 0844 701 1822 or via email: robert.yates@kingscorporate.co.uk.