21st Oct 2024 12:17
(Alliance News) - A surge of offshore manufacturing production could be brought back to the UK under a long-term industrial strategy, according to a report.
A survey of more than 200 companies by Make UK and consultants RSM found that almost three in four believe reshoring of production back to the UK will accelerate in response to an industrial strategy.
Fhaheen Khan, senior economist at Make UK, said: "Manufacturers are ready to unleash the benefits to investment from a long-awaited industrial strategy.
"It's clear that this will bring a wide range of benefits and aid companies who are accelerating their moves into greater use of automation and digital technologies, with increased recruitment of higher-level skills.
"Given the US, Europe and China are moving at pace with plans to boost investment in green technologies in particular, the UK needs to match these efforts step for step."
Mike Thornton, head of manufacturing at RSM added: "It's clear the impact a comprehensive, forward-looking strategy will have on manufacturers.
"Rather than lagging behind the UK's economic recovery, strategic clarity will unlock growth, innovation and even kickstart a re-shoring bonanza – creating jobs, boosting key business and infrastructure investment and improving productivity."
According to the survey, as well as increased re-shoring, half of companies would increase investment in existing facilities in the UK, almost a third would increase automation and exports to the EU while more than a quarter would increase research and development.
By Alan Jones, PA Industrial Correspondent
Press Association: Finance
source: PA
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