Manufacturers surveyed by business advisors BDO complain that Government policy pledges are not translating into concrete change for UK manufacturing.

Research by accountants and business advisors BDO LLP reveals that just 26% of manufacturers believe the Government is adopting the right strategies to support and develop UK manufacturing.

Almost all (93%) of manufacturers value the Government’s message that manufacturing is essential to the UK economy, but the research indicates they do not see policy pledges translating to concrete change.

The findings are drawn from BDO’s Manufacturing the Future, one of the largest surveys to date of the engineering and manufacturing communities, whose views jar with government messages around the importance of the sector to rebalance the economy.

Manufacturers have identified specific challenges and called for change. More than half (54%) told BDO that the UK manufacturing sector cannot achieve a strong position in 10 years’ time if the focus remains on banks as sole funding providers. Crucially, more than two thirds (69%) think the Government should establish an ‘industrial bank’ with the specific goal of supporting the manufacturing sector. 

As part of BDO’s Manufacturing the Future report, manufacturers outlined their wish-list for government support to expedite growth, calling for: 

– the establishment of an industrial bank;
– a revamp of the education system to develop the skills needed for the sector;
– more patriotism when awarding large UK Government-funded contracts;
– a more supportive tax system
– more innovation from government in providing funding support to the sector (to provide an alternative to the banks);
– more focus on exports to BRIC, CIVETS and other emerging economies to reduce export dependence on the Eurozone.

You can read the full report click here