UK manufacturers showing signs of confidence as export orders improve

(Alliance News) - UK manufacturers have reported the first signs of business confidence after the ...

Alliance News 11 December, 2023 | 6:06AM
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(Alliance News) - UK manufacturers have reported the first signs of business confidence after the global uncertainty and domestic political chaos of the last few years.

Make UK said its research showed that export orders had surpassed domestic orders for the first time in four years, suggesting that companies are taking advantage of either faster growing or new markets, in contrast to the "anaemic" UK economy.

Recruitment intentions have also rebounded, according to a survey of more than 300 companies.

Fhaheen Khan, senior economist at Make UK, said: "After the economic and political shocks of the last few years there is some semblance of stability returning for manufacturers.

"While growth is not exactly supercharged, the positive announcements in the autumn statement can at least allow companies to plan with more certainty without having to constantly fight fires."

Richard Austin of BDO, which helped with the research, added: "Manufacturers have been calling on the government to provide targeted support to help stimulate growth and investment for some time, and it feels like some headway was made in last month's autumn statement.

"Firms are ending the year on a relatively stable footing with some certainty at least in the tax environment to support their long-term investments in the UK. The hope now is that the sector can pick up the baton and drive growth."

A Department for Business & Trade spokesperson said: "Today's research from Make UK is another example of how the UK is seizing the opportunities to export to new markets. The UK is now the 8th largest manufacturer in the world, having surpassed France, and the Autumn Statement set out how we're supporting our manufacturing sector to start, grow and invest.

"In the past few months, the government has secured a GBP4 billion investment from Tata in a new gigafactory, and GBP600 million to build the next generation of electric Minis. This is on top of our wide-ranging Advanced Manufacturing Plan published last month, which will ensure the UK is at the forefront of global supply chains."

By Alan Jones, PA Industrial Correspondent

Press Association: Finance

source: PA

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