UK Manufacturers Plan to Create New Jobs in 2018

UK Manufacturers Plan to Create New Jobs in 2018

Lloyds Bank Business in Britain report shows that many manufacturers in the UK are confident about their growth prospects and are planning to invest more and create jobs. According to the survey, a third of the 204 British manufacturers that took part in it expect to step up investment this year, while one in four manufacturers are expected to create jobs.

This confidence comes from the strong order books, which is thought to grow during the next six months. There is also evidence to suggest that manufacturers firms are continuing to target more efficient growth, with 41% planning to automate part of their business so that it boosts productivity.

The picture painted by our latest Business in Britain survey is a reassuring one, with manufacturers in buoyant mood, said Dave Atkinson, UK head of manufacturing at Lloyds Bank Commercial Banking. Over the past six months, many have grown their order books and this is giving them the confidence to make investment plans. Uncertainty remains but there is every reason to believe the sector will continue to be resilient during 2018 and beyond.

Among the issues highlighted in the report were recruitment, currencies, and input costs. Half of the firms said that they had struggled to recruit skilled workers in the past six months and 52% said they fear that commodity prices had increased. Also, 71% of exporting manufacturers mentioned the challenges they will face once the UK leaves the EU.

However, Atkinson said that these challenges are broadly the same ones that have been affecting the manufacturers for the past 18 months: fluctuating currencies and rising input costs as well as the ongoing challenge of finding the right people with the right skills. What is expected is that many firms will actually see an opportunity to use Brexit as the springboard to sell their goods and services further afield, added Dave.

Share this post