Written by Jonny Williamson
Almost all of the manufacturers polled (93 percent) agreed with the government’s viewpoint that manufacturing is essential to the economic growth and long-term sustainability of the country. However, a vast proportion feels that these statements aren’t being backed up with relevant support and policy changes.
BDO’s study, titled ‘Manufacturing the Future’, is the one of the largest surveys of engineering and manufacturing to date, collating responses from 1,500 participants. Worryingly, more than half of those surveyed indicated concerns that manufacturing won’t be a core sector of the UK economy in a decade’s time.
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Partner and National Head of Manufacturing for BDO LLP, Tom Lawton, commented:
“If there’s one overriding message we’re hearing from manufacturers, it’s that words are not enough. Our research suggests that policy pledges amount to empty rhetoric, not concrete change. Optimism for longer term economic growth is encouraging, but it’s worrying that manufacturers don’t envisage they’ll have a significant role in achieving it – especially given the government’s insistence on the sector’s importance to the rebalancing of the economy.”
Lawton continued:
“We need longer term strategies that go beyond the term of a single parliament in order to rebalance the economy towards manufacturing. The sector operates on a global stage with countries such as Germany, Japan and China, which have all built sustainable, long-term manufacturing sectors at the centre of their economies, underpinned by firm and committed government support. The UK needs to do the same, or we risk losing our manufacturing base altogether.”
Using the research data, BDO has formulated the steps manufacturers feel the government must instigate to promote growth now and in the future:
· Establish an industrial bank,
· Revamp the education systems to develop the skills needed for the sector
· Prioritise patriotism when awarding large UK government contracts
· Create a more supportive tax system
· Foster innovation from government in providing funding support to the sector (enabling an alternative to the banks)
· Greater focus on exports to BRIC, CIVETS and other emerging economies to reduce export dependence on the Eurozone
A full Pdf-version of BDO's survey report and findings, can be viewed/downloaded here: Manufacturing the Future
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