The UK manufacturing sector is facing two years of ‘anemic growth’ as demand continues to lag.
Forecasts from Make UK suggest the sector will remain ‘flat’ this year, growing at just half the rate of the rest of the economy by 2025.
“Manufacturers are faced with both their domestic and European markets being flat with little sign of any revival,” says Fhaheen Khan of Make UK.
No rebound: Make UK forecasts suggest sector will remain ‘flat’ this year, growing only half as fast as the rest of the economy by 2025
But the survey of more than 300 companies shows that companies in electronics, aerospace and food and drink are more optimistic, while the South East and Wales are the best performing regions.
BDO’s Richard Austin, who helped with the report, said: ‘We have reached a tipping point where regional differences could permanently impact the manufacturing sector.’