UK manufacturers look to era of growth
Industry body Make UK says the sector could account for 15 per cent of Britain’s gross domestic product
Manufacturing’s share of the economy has fallen from 25 per cent of national output to 9.4 per cent last year during a decline of the sector in Britain from the 1970s
CHRIS RATCLIFFE/BLOOMBERG VIA GETTY IMAGES
Britain’s manufacturers believe that they are about to turn the tide of history and start expanding the country’s industrial sector once again.
A snapshot survey from Make UK has led the industry body to declare that, despite concerns about rising costs, manufacturing could account for 15 per cent of Britain’s gross domestic product.
Its share of the economy has dwindled from 25 per cent of GDP, or national output, to only 9.4 per cent last year during a long-term decline of the sector in Britain from the 1970s. However, a survey of senior executives at 205 leading manufacturers by Make UK and PwC, the accounting group, has uncovered a renewed sense of confidence in their prospects.
This is thanks to a growing consensus in Westminster
