Make UK Manufacturing Outlook – Q2 2024
Make UK, the manufacturers organisation has just released its Manufacturing Outlook report for Q2 2024.
Britain’s manufacturers are seeing a boost in growth prospects as output and orders pick up, with the sector forecast to outpace the economy overall this year.
The report also finds that business confidence has risen to equal its highest level in the last decade, as companies look to finally emerge from a two year slump following the post-COVID rebound.
Export orders (+10%) exceeded UK orders (+2%), highlighting how the UK continues to depend on global value chains for its success, but the pattern since the pandemic, when UK orders have consistently exceeded export orders, is forecast to resume in the next quarter at +25% and +24% respectively.
The scramble to attract and retain talent also shows no signs of abating, with recruitment intentions increasing from +8% to +26% as companies take on staff to meet the expected increase in demand and better economic outlook.
The survey also asked companies to list their top three priorities for the next Government, with more than two thirds of companies (69.1%) stating the delivery of an industrial strategy as the top priority.