Britain’s largest manufacturers are expressing increased confidence in the country's competitiveness as a global manufacturing hub, despite challenges such as high energy costs, worker shortages and governmental uncertainty.
According to a survey by Make UK and PricewaterhouseCoopers, more than 200 senior manufacturing executives believe that Britain is becoming a more competitive location for industrial production compared to the previous year.
While almost a third see the UK gaining competitiveness against Germany and France, a larger share feels it is losing ground against the US, China and India.
The findings come after a challenging period marked by the Covid pandemic, Brexit and energy price shocks.
Industry leaders are hoping for a more stable 2024, influenced by easing inflation and potential Bank of England interest rate cuts.
Stephen Phipson, Make UK’s chief executive officer, said: “We are now seeing some hope that conditions may be improving, amid a more supportive and stable policy environment, but this must be cemented within a long-term industrial strategy.”