According to trade body ‘Make UK’ the UK’s manufacturing output has surpassed France, making it the eighth largest manufacturing power in the world., the UK’s manufacturing output was worth £218bn in 2021, compared to France’s £210bn. Recent figures suggest that the UK’s manufacturing output continued to grow to £224n in 2022.
Business and Trade Secretary Kemi Badenoch welcomed the UK’s rise in the global rankings.
She highlighted the Government’s commitment to growing advanced manufacturing in the country. China remains the largest manufacturing nation, followed by the US, Japan, Germany, South Korea, India, Italy, the UK, France, and Russia. Manufacturing accounts for about 9% of the UK’s GDP and provides 2.6m jobs, with wages 9% higher than the wider economy. Despite challenges, recent wins such as BMW’s £600m investment have boosted the sector.
Good news at last, albeit 12 months out of date. Signs that the message is getting through at last i.e. to grow the economy successfully we need to significantly expand the manufacturing sector. This will have the ‘double whammy’ beneficial effect of improving our balance of payments and make a small contribution to reducing national debt.
If you are planning to expand your manufacturing operation but need to raise finance, then contact us at Business Finance Services for a free consultation on how best this can be achieved. Call us on 0800 093 5240 or complete our enquiry form.