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Manufacturing could be key to Britain’s economic growth
According to a report this month by accounting network BDO, British manufacturing output is rising while the service sector is contracting, meaning manufacturing could be a major driver of Britain’s post-Brexit economy.
Peter Hemington of BDO said:
“Amidst slowing growth in the economy as a whole, UK manufacturing is a definite bright spot at the moment.”
One example of manufacturing success is D.T. & G, which recently opened new premises in Bromborough on the Wirral, where it is designing and manufacturing new chocolate coating and polishing machinery sold all over the world. They are one of a number of Wirral manufacturing businesses that are prospering.
As Britain negotiates to leave the EU, manufacturers are faced with the difficulty of making long-term plans because of economic uncertainty. There are massive technological changes happening. For example, the government has announced that it will ban the sale of new petrol and diesel cars from 2040, and is encouraging the development of electric cars. Many of these could be driverless.
Emerging technologies could provide many opportunities for UK manufacturers that can produce new products based on these technologies.
Lee Hopley of the EEF manufacturers organisation said:
“Policy makers must now focus on evolving the positive policy framework set out earlier in the year into clear strategy which gives manufacturers confidence about the competitiveness of the UK in the future.”
Making long-term financial decisions is hard for both business and individuals. For personal financial planning. At Endeavour Financial Planning, we provide sound and impartial advice in the Wirral.
Sources used: https://www.bdo.co.uk/en-gb/news/2017/manufacturing-steers-uk
http://www.express.co.uk/finance/city/837886/Manufacturing-UK-news-Brexit-economy-EU
http://www.telegraph.co.uk/news/2017/07/25/new-diesel-petrol-cars-banned-uk-roads-2040-government-unveils/
http://www.liverpoolecho.co.uk/news/business/wirral-manufacturing-firm-opens-new-10928375
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