What lies ahead for manufacturing businesses in 2021?
Fears over the impact of the UK’s new trading relationship with the EU and the attractiveness of the UK for both investment and talent are clouding the outlook for manufacturers in 2021, as more companies believe the opportunities outweigh the risks.
While many are investing in an effort to boost productivity and build agility and are confident about the prospects for their own companies and UK manufacturing as a whole, they are not so confident about the prospects of either the global or UK economies in 2021.
The Make UK Executive Survey 2021: Building Agility in Manufacturing, in association with PwC, shows that a third of companies believe the investment prospects for UK businesses will decrease having left the EU with just 18% of companies believing they will increase. In addition, just over a quarter of companies believe exports to the EU will fall with just 16% believing they will increase.
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