52% of UK manufacturers intend to grow business by over 20% in 5 yrs

Around a quarter aims to grow business by up to 20 per cent, while 18 per cent of respondent manufacturers have plans to grow by up to 10 per cent.

While three-quarters of manufacturers are unaware of the government’s plan for growth, nine in 10 manufacturers think that the government should introduce a national target to grow manufacturing’s share of GDP.

Manufacturers are clear that without a strategic plan for how the country tackles the immediate issues as well as plan for the future, it risks shrinking the industrial base at a time when it needs it the most.

Every manufacturer surveyed agreed that government should introduce a long-term manufacturing strategy.

Twenty-one per cent of the manufacturers said business growth will lead to employment growth of over 20 per cent in the next five years. Almost one in five said staff numbers would increase by up to 20 per cent. Thirty-five per cent said employment would increase by up to 10 per cent.

Manufacturers ranked government policy support as follows: incentives for investment, investment in apprenticeships, stronger local industrial strategies, greater support for exports, greater investment in infrastructure, better incentives to invest in research and development (R&D) , a reduction in regulation, better access to finance, help for investment in digital technologies and a more competitive business rate regime.

Over 1 in 5 manufacturers said greater support for exports will help them grow their business. Around the same number of manufacturers said better incentives to invest in R&D was key for growth.

Thirteen per cent of manufacturers said help to invest in digital technologies will enable them to grow. Forty-six per cent of manufacturers said greater incentives to invest would help them grow their business. Over 1 in 5 said improved infrastructure will help them grow their business, while some 16 per cent cited a reduction in regulation.

Seventeen per cent of manufacturers chose better access to finance to help make a difference to growing their business.

ALCHEMPro News Desk (DS)