The manufacturing sector contributes over £140 billion per year to the UK economy and provides jobs for over 2.5 million people, underpinning the UK’s position as the 11th largest manufacturing nation in the world. It spans a number of the UK’s key industries including aerospace, automotive, chemical, construction, electronics, food and drink, rubber and plastics, metal, machinery and textiles.
However, although manufacturing accounts for more than 50% of the UK’s exports and is responsible for 70% of research and development investment, the sector has been faced with a number of challenges including:
- an eastward shift in economic power, with more and more manufacturing being moved to Asian countries to take advantage of reduced production and labour costs
- increased focus on climate change and enforcing cleaner supply chains
- financial pressure on supply chain – longer payment leads
- a talent shortage in the UK – there is a need for more highly skilled workers
- improvements in technology allowing increased output with fewer people
Our cross-departmental team of experts understands both the challenges and the opportunities facing our manufacturing clients, and can advise on a wide range of issues including: