Latest figures point to renaissance in UK manufacturing

According to the latest Manufacturing Advisory Service (MAS) Barometer, the majority (86%) of the country's manufacturing SMEs are planning to invest in capital equipment over the next twelve months. Furthermore, for the first time since the national Barometer launched in 2012, more than half (53%) are expecting to take staff on over the next six months, marking a 14% rise on the previous report. The main reasons driving these investment plans were listed as boosting efficiency and quality (31%), followed by developing new products/processes (30%) and extending existing capacity (22%). Steven Barr, head of MAS, commented: "There is a definite feel good factor around UK manufacturing at the moment and these latest figures reinforce positive reports from the SMMT together with encouraging PMI data. "Investment is crucial if we are going to take advantage of reshoring and predicted growth in markets such as offshore wind, renewables and low carbon vehicles." Barr's comments were echoed by that of Business and Energy Minister, Michael Fallon, who said the figures were evident of a renaissance in UK manufacturing. "We're committed to working closely with the manufacturing sector to provide a strong base for the recovery, and create growth for the future," he continued.