UK manufacturers turning more confident on industry conditions
By Benjamin Chiou
Date: Monday 08 Jan 2024
(Sharecast News) - UK manufacturers are more bullish about the sector's prospects than they were 12 months ago, according to a survey out on Monday from Make UK and PwC.
The survey, which featured responses from over 200 senior manufacturing executives, found that 44.4% of companies see a moderate to significant improvement in industry conditions in 2024, compared with just 20.5% that expect conditions to worsen.
However, executives weren't so rosy about economic conditions at home and abroad: 41% expect UK conditions to deteriorate, while 38% foresee a worsening of the landscape overseas.
Nevertheless, 53% said they see opportunities in new products in 2024, while 27% are expanding into new markets.
Manufacturers are also confident about the impact that digital technologies will have on productivity and operational efficiency, with 23% of leaders citing opportunities in net zero, digital tech, cloud and artificial intelligence.
"The last few years have been a rollercoaster of emotions for manufacturers, yet they have more than demonstrated their resilience time after time. We are now seeing some hope that conditions may be improving, amid a more supportive and stable policy environment, but this must be cemented within a long term industrial strategy," said Stephen Phipson, chief executive of Make UK.
"While undoubted challenges remain, the accelerating use of digital technologies, our strength in innovation and expansion into new markets sets the scene for manufacturing to be at the heart of efforts to boost growth."
The biggest risks to the manufacturing sector in 2024, according to executives, are: energy prices (53%), input costs (47%), political and geopolitical instability (44%), supply chain disruption (36%) and access to domestic skills (35%).
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