British manufacturers are optimistic that Britain will become a worldwide hub

British manufacturers are optimistic that Britain will become a worldwide hub

The biggest producers in Britain are showing more faith in the nation's ability to compete as a centre for global manufacturing, even in the face of obstacles like rising energy prices, a labour scarcity, and unpredictable political conditions.

More than 200 top manufacturing executives think that Britain is becoming a more competitive destination for industrial production than it was a year ago, according to a Make UK and PricewaterhouseCoopers study.

A greater portion of respondents believe the UK is falling behind China, India, and the US, despite almost a third believing it is becoming more competitive with Germany and France.

The results follow a difficult time characterised by the pandemic of Covid, Brexit, and shocks to energy prices.

Leaders in the industry anticipate a more stable 2024, helped along by possible interest rate reduction by the Bank of England and a slowing of inflation.

(Sources: investing.com, proactiveinvestors.co.uk)