SME manufacturers in the UK are more confident around revenue growth, despite Brexit uncertainties, skills shortages and production cost rises.
- 69% of manufacturers reported revenue growth over last 12 months - up 10 percentage points from last year.
- 78% of manufacturing businesses predicting revenue growth over the next 12 months.
- 94% expect furthe
- Brexit uncertainty is a significant barrier to growth.
- 20% of respondents stated that they have lost staff or are at risk of losing staff from the EU because of Brexit.
- Three quarters of manufacturers say they cannot recruit appropriately skilled staff and call for government action to expand skills training at all levels of education.
- Manufacturers recognising Industry 4.0 opportunities and are looking to government for more tax breaks to accelerate investment.
Philippa Oldham, Head of Manufacturing at the Institution of Mechanical Engineers, one of the contributors to the report, said:
“Manufacturing is at the heart of a healthy UK economy, and it is encouraging to see that the findings of the survey show that there is continued optimism and confidence in the sector.
“But the results raise a cautionary flag to government that as we press ahead with Brexit, they must consult closely with the manufacturing sector to ensure concerns over R&D and skills are addressed as part of negotiations with the EU to obtain an optimum outcome.&rdquo