An industry study published on Monday revealed that British manufacturers are optimistic that the business conditions and productivity will improve this year, despite the fact that most have been harmed by Brexit and increased costs.
According to the trade association Make UK and accountants PwC, 73 percent of manufacturers anticipate that the sector’s prospects will improve in 2022, and 78 percent expect at least a slight boost in productivity.
However, in the second year after Britain left the European Union, two-thirds of businesses claimed that Brexit had impeded their operations, while growing input prices due to inflation were also issues.
“It’s a credit to manufacturers’ strength that they’ve emerged from the turmoil of the last couple of years in such a relatively good position,” said Stephen Phipson, CEO of Make UK.
“To build on this, we now need to see a government genuinely committed to helping the industry,” he added, adding that the government should have a longer-term economic vision.
More than a third of those polled said they would reshore some operations over the next two years, despite supply chain problems due to Brexit and the pandemic last year. Just over half said that they had no plans to relocate any of their production back to the UK.
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