National Manufacturing Day 2024 falls on 26th September, and is an opportunity to celebrate the sector. Organised by trade body Make UK and now in its third year, it is a chance to raise the profile of the industry that truly builds our world.
At OneAdvanced, we are proud to support a range of the UK’s biggest manufacturing firms with our product portfolio, including AG Barr, the drinks manufacturers behind Irn-Bru; Johnstons of Elgin, producers of a wide range of luxury fibre goods; and Luxfer Gas, the world’s largest manufacturer of high-pressure aluminium and composite gas cylinders.
We see first-hand what UK manufacturing teams are achieving through our wide-ranging customer base. We know that the sector is full of some of the brightest talent and most innovative ideas in industry – but here are some practical reasons why it’s a great time to be part of UK manufacturing:
- Manufacturers believe the future is bright
Manufacturers across the UK are more optimistic about the future than in previous quarters. The most recent Make UK Manufacturing Outlook for Q3 revealed high confidence among manufacturers, despite a drop in output. 6 in 10 manufacturers are expecting better growth over the next 12 months. We trust the leaders who believe that things are on the up – those on the frontline can see that the tide is turning...
- Brexit can’t hold back exports
One of the most encouraging signs for UK manufacturing is a positive picture for exporters. The Make UK Manufacturing Outlook for Q3 revealed that exports are growing, despite Brexit challenges. The demand for electronics and mechanical equipment is especially high, including in the EU market – and 55 percent of manufacturers reported positive demand conditions from Europe, remaining steady from the last quarter.
- Food and drink continues to perform
Q3 has seen output revised upwards for the UK’s largest manufacturing sector, food and drink, according to Make UK, with its trajectory above the average for other sectors. This builds a positive picture, especially when paired with statistics from the latest Lloyds Bank UK Sector Tracker, where food and drink saw the strongest demand growth and second fastest increase in output of the sectors measured.
- New industrial strategy incoming
Part of the reason manufacturing confidence has been high is stability following the election period. This should increase after the Autumn budget and spending review, which is likely to introduce Labour's promised new industrial strategy. Whatever it contains, it should provide a clearer picture of what can be expected in terms of investment and government support over the next few years – allowing manufacturers to plan accordingly.
- Steady inflation – with a chance of interest rates being cut later in the year
Inflation rates are more manageable now, following a peak of 11.1 percent less than two years ago. However, they are dropping at a slower rate than hoped and below the Bank of England’s 2 percent target. Though interest rates have not been cut in response just yet, experts are predicting there will be a reduction come November – driving investment and growth. US manufacturers are celebrating interest cuts – will UK manufacturers be able to follow suit come winter?
- Focus on people – long-term careers
We’ve seen an exciting focus on putting people first at UK manufacturers. Leaders are increasingly recognising the importance of investing in their workforce – particularly their desk-free workers - and fostering a positive organisational culture. By providing training and development opportunities, businesses are ensuring that their employees have the skills needed to succeed in a rapidly changing industry.
National Manufacturing Day is a time to celebrate the achievements and potential of the UK's manufacturing sector. Nothing is yet set in stone – but with growing confidence, expanding exports, and a new industrial strategy on the horizon, it is everything to play for.
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