Harnessing agility and resilience
The last two years have been a rollercoaster for UK manufacturers who have ridden the troughs of a severe loss in output to record lows, followed by a rebound in demand which has seen them reach record highs. The manufacturing industry is one of the few sectors of the UK economy that remained open during the pandemic. UK manufacturers have proved their resilience and agility beyond any measure, helping to keep the UK economy moving.
Demand has remained strong and the outlook for growth in, and exports to all the major markets is positive. However the challenges from the last twelve months will persist into 2022, in particular access to talent and supply chain disruption which have both been in the spotlight.
Manufacturers are also focusing on environmental, social and governance (ESG) priorities,viewing this as an investment that creates value and drives improved results in the short and long term, with as many as a third accelerating their plans to transition to net zero in response to COP26.
This year's Make UK executive survey in association with PwC demonstrates with the rapid adoption of new technologies and investment in people, the role of the sector at the heart of the UK economy’s recovery is now as clear as it has been for some time. The time to back UK manufacturing is now.
“Manufacturers are responding to the challenges of the last 12 months with an impressive amount of agility and resilience, which will stand them in good stead for the year ahead. They have learnt valuable lessons about their supply chain vulnerabilities and the resilience needed to respond to unforeseen international or domestic risks, and are strengthening their businesses digitally as well as continuing to focus on talent and skills.”