REGIONAL REPORT
MADE IN THE UK
“ We highlight forecasts , drivers and challenges for Britain ’ s economy and manufacturers as we look towards 2022 .”
“ British manufacturers are prioritising improving productivity and investment in their people , as well as new product development .”
Despite facing an unprecedented combination of continued COVID pressures , cost inflation and supply chain issues , Britain ’ s manufacturers are responding with agility and resilience . They are more positive about the growth outlook as they enter 2022 , with greater confidence in the prospects for their
own companies than either the global or UK economies ( according to a major survey published in January 2022 by Make UK and PwC ). Their optimism is also tempered by escalating inflationary pressures and access to , as well as retaining , talent and key skills .
“ Manufacturers are prioritising improving productivity and investment in their people as well as new product development , while the recent COP 26 summit appears to have accelerated investments in the drive to ‘ net zero ’,” commented Make UK , the UK manufacturers ’ association .
“ However , one year on from leaving the EU , two thirds of companies said that leaving had moderately or significantly hampered their business , with over half of companies ( 56 %) fearing a further impact this year from customs delays due to import checks and changes in product labelling .”
Manufacturing in focus
“ Up-skilling or retaining existing staff was the biggest priority for around two thirds of companies ( 67 %), followed by new product development ( 60 %) and capital equipment ( 54 %), while almost four in five companies ( 78 %) envisage a significant or moderate increase in their productivity this year ,” commented Make UK .
According to the survey , skills and talent also dominated the risk factors that companies were facing with access to labour seen as the biggest risk by almost two thirds of companies ( 58 %). Almost nine in ten companies were not just worried about losing skills from their business , but the sector entirely . Encouragingly , despite the current financial challenges , almost half ( 45 %) of companies said they still planned to invest in apprenticeships in 2022 .
Skills and talent also dominated the risk factors that companies were facing with access to labour seen as the biggest risk
ISMR February 2022 | sheetmetalplus . com | 39