With the much talked-about Brexit negotiations far from completed and the clock ticking on the deadline to have everything in place, it is easy to assume that the outlook for British manufacturing is anything but optimistic. All the evidence, however, indicates that in fact 2017 was one of the best years ever for the ‘Made in Britain’ badge and the trend looks set to continue into 2018 and beyond. So what is it that makes British manufacturing so important and why should more companies seek to keep production within the UK – not just for the short term, but for the foreseeable future? We take a closer look.
Inflation might have risen sharply in 2017 and observations may have pointed towards a potential economic slowdown as consumers are hit by the effects – but for the manufacturing sector, this is far from the case. In fact, according to a report by City AM, a respected business newspaper, in September 2017 British manufacturing moved up a spot in the worldwide manufacturing league tables, meaning it now ranks eighth worldwide – an incredible feat by any standards. As a result, the UK was able to overtake its old rival, France, meaning that within Europe it is now only outperformed by Germany – as could be expected, and Italy which also has a long pedigree in manufacturing. To be able to share the podium with these two leaders is true recognition of the increasing power of British manufacturing and a good reason for those within the sector to be optimistic. And whilst the weaker pound may have had a negative impact on some sectors of the economy, for British manufacturers it appears to have further strengthened their position for the time being.
According to reliable data collected for the United Nations, British manufacturing as a sector is now worth £185bn annually and accounts for 44% of exports. The sector is reported to employ 2.6 million people within the UK and account for 70% of R&D expenditure within business, meaning that it is an important source of employment and plays a significant and growing part in the present and future economy.
The Telegraph newspaper reported in December 2017 that British manufacturing has seen record growth as manufacturers, stimulated by increased exports, saw industry revenues reach a thirty year high. Not only does this mean that manufacturers as businesses are doing better than ever, it also means that the outlook for the significant and constantly growing workforce is more optimistic than ever before. As a result, manufacturing is an exciting place to be, both for those already working in the sector and those wishing to join. Few other sectors can currently offer such stability and anticipated growth. Indeed, the outlook is so optimistic that EEF, the UK manufacturers’ organisation, has upgraded its 2018 forecast for the sector, meaning that it is now expected to perform at a significantly higher level that the UK economy in general.
Despite experiencing a rocky road over the last three decades, the British steel industry has remained at the core of British manufacturing, and Hitherbest has been in the market for the entire time. We’ve weathered the worst of the storms and emerged as a leader in the field, offering superior quality and value for our vast customer base.
We are proud of the role we play as a British manufacturer and perform every process in-house here at our dedicated Telford premises, meaning that you can be sure to receive the very best in British quality at every step of the process from design and prototyping through to large scale production. If you are looking for a leading UK based partner to handle your sheet steel fabrication, look no further. Our excellent track record is supported by our BSI accredited status, meaning that we truly represent British Manufacturing at its very best.
To discuss your project with one of our experts, call us today on +44 (0)1952 632100 or click here to contact us online.