Manufacturing can fill public sector gap
British manufacturing is poised to fill the growth gap as the public sector plays a smaller role in the economy.
A Manufacturing organisation said the industry was well placed to respond to the Prime Minister's call to "create and innovate; invest and grow" according to a major report and survey of 300 companies.
However, the sector would benefit from a Government strategy which helps to overcome the growth barriers that companies face and to grow the next generation of large global players. The report contains new analysis of the disparity in numbers of larger UK companies compared to those in Germany and the US.
The report paints a picture of a sophisticated, successful sector which is currently growing at the fastest rate since 1994 and whose growth strategies are centred on innovation and investment.
Some 76% of companies state their growth strategies will be achieved by increasing innovation in the UK and 69% by increasing capital investment. It is also highly export driven, with exports accounting for more than half of turnover in 40% of companies and one third having production facilities outside the UK.
The manufacturing industry believes these figures demonstrate the potential of manufacturing to lead private sector growth and rebalance the UK economy. While the Government’s recent focus on measures to open up opportunities for smaller firms and reduce the regulatory burden they face is welcome, it is vital that its growth strategy seek to break down the barriers to growth for all sizes of companies at and at all stages of their growth.
A spokesperson for the manufacturing sector recently said, "Manufacturing is well placed to fill the growth gap as the public sector plays a smaller role in our economy and make the investments in innovation and skills that will drive our economy forward and create new jobs.
"But this will only happen if there is a genuine partnership with government that helps companies of all sizes and growth stages to overcome the barriers they currently face to growth."
All in all it is a positive outlook going into 2011 for business’s in the UK, as one sector grows so will others.
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