UK manufacturers positive about 2022 despite Brexit, inflation: Survey

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    British manufacturers are optimistic about business conditions and productivity improving in 2022 despite most saying they have been hurt by Brexit and rising costs, according to an industry survey released recently by trade body Make UK and accountants PwC. About 73 per cent believed conditions for the sector would improve and 78 per cent foresaw at least a moderate rise in productivity in 2022.

    Two-thirds of companies, however, said Brexit had hampered their business in the nearly two years since Britain left the EU, while retaining staff and rising input costs linked to inflation also presented a challenge.

    “It’s testament to the strength of manufacturers that they have emerged from the turbulence of the last couple of years in such a relatively strong position,” said Stephen Phipson, chief executive of Make UK.

    British manufacturers are optimistic about business conditions and productivity improving in 2022 despite most saying they have been hurt by Brexit and rising costs,according to an industry survey released by Make UK and PwC. 73 per cent believed conditions for the sector would improve and 78 per cent foresaw at least a moderate rise in productivity in 2022.

    “To build on this we now need to see a government fully committed to supporting the sector,” he said, adding that the government needed a longer-term vision for the economy.

    More than a third of the respondents said they would reshore some operations within the next two years, while just over half said they did not intend to move any of their production back to the United Kingdom, a global newswire reported.

    Make UK forecast that manufacturing would grow 6.9 per cent in 2021, and predicts growth of 3.3 per cent for 2022.

    The survey of 228 companies was conducted between November 8 and November 29.

    Fibre2Fashion News Desk (DS)





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