Manufacturing will not return to its pre-coronavirus growth levels until 2022, says report
The pandemic’s impact on the sector cost the economy a potential £35.7 billion this year alone, according to the manufacturing group Make UK and Santander bank.
Firms responded to the pandemic by switching to personal protective equipment (PPE), face masks and social distancing signage for customers across Europe, said the report.
Make UK chief executive Stephen Phipson said: “History has shown us that a strong industrial base provides the foundations needed to create a prosperous society.
“However, the UK has unfortunately become culturally tone deaf to the idea that manufacturing matters and can provide solutions to the challenges that we face, something the sector has amply shown during this crisis.
“A new digital, greener and more sustainable economy will emerge from this with an opportunity to catapult manufacturing, science and engineering once again to centre stage in the UK.”
Paul Brooks, of Santander, added: “Our manufacturers are the beating heart of the UK economy, and although sobering, this detailed analysis is vital to understand how businesses can rebuild as restrictions are eased.
“While Covid-19 presents the most testing time for manufacturers, their aptitude to handle shock and change for the better is enduring, and we stand ready to support them.”
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