Political and economic uncertainty hurting British manufacturers

Uncertainty has stifled Britain’s wealth creators. First of all there was the disruption brought on by Brexit. Then there was the Covid pandemic. The war in Ukraine has sent energy bills surging. On top of all of this the Government seems to be in a constant state of strife, lurching from one crisis to another.

Little wonder that Make UK, the body that represents the manufacturing sector in this country, has warned that manufacturers are missing out on billions of investment potential.

The manufacturing sector is still a major employer across Yorkshire. The stronger it is, the stronger the region is.

The fuel that they need is access to finance. Make UK’s report says access to finance will be critical for investment plans in the next two years in critical categories such as capital equipment, automation, energy efficiency and cyber security.

Make UK estimated that manufacturers were missing out on up to £10bn of investment potential.

It’s telling that more than half of 100 companies surveyed said they were unaware of the range of public sources of finance and government schemes tailored towards manufacturers.

The country has had three Prime Ministers in the space of two years. There has been no continuity and confusion reigns supreme.

It isn’t just manufacturing. Parts of the agricultural sector in this country have also been left in the dark when it comes to subsidies replacing EU schemes.

Given how Britain has been long suffering from anaemic economic growth, it is unwise to not throw support behind British businesses, helping them unlock investment potential and create more opportunities.