Manufacturing Outlook Report 2024 Q3 – Make UK & BDO
Manufacturing Outlook 2024 Q3 – in partnership with BDO – is out now!
It reveals the sector has yet to see a post-election boost in its anemic growth prospects, though most firms expect this to change as the benefits of greater political stability under the new government are realised.
Britain’s manufacturers have yet to see an immediate boost from a change of Government, according to the findings of Make UK and BDO’s latest Manufacturing Outlook report for Q3 2024.
Despite this, firms are forecasting a boost to overall economic prospects from a period of greater political stability, with almost 6 in 10 expecting better growth over the next 12 months as a result. In contrast, just 6% of companies expect GDP to decline this year as a result of the new Government.
The report also finds that output figures have turned negative for the first time in four years, but are expected to jump by a third next quarter, with the recruitment picture looking similar. Export orders are also currently exceeding the domestic market, though this is forecast to change in Q4.
Even with this mixed picture, business confidence has continued to climb, equalling the highest levels recorded by this survey since it began back in 2014.
Ahead of the upcoming Autumn Statement and Spending Review at the end of October, Make UK is calling on Government to maintain momentum by publishing further details on the long-awaited industrial strategy, including the composition and governance of the Industrial Strategy Council, and to also commit to removing unnecessary barriers to growth, including:
- Bringing forward the UK CBAM (Carbon Border Adjustment Mechanism) to 2026.
- Reviewing and uplifting apprenticeship funding bands.
- Making a greater commitment to more long-term, large scale infrastructure projects that will make the UK a more attractive place to invest.