This major Make UK report, published in association with Santander, sets out a new industrial vision for our economy. We set out what a new digital, greener and more sustainable economy looks like, with a re-purposed industrial strategy to catapult manufacturing to centre stage in the UK.
The first detailed analysis of the Covid-19 impact on UK manufacturers reveals it will take until 2022 for manufacturing to recover to pre Covid-19 levels, potentially costing £35.7 billion in Gross Added Value this year alone.
It also highlights how quickly manufacturers responded at a time of national crisis – from filtration specialists who’ve turned their hand to creating personal protection equipment (PPE) face masks, to signage firms diversifying their products to create social distancing signage for customers across Europe.
The report makes clear the impact of Covid-19 on some of the world’s most established manufacturing nations, including the US and Germany, surmising that industrial production fell by 11.2% (monthly) and 11.6% (annually) respectively. It reiterates the importance of manufacturers diversifying their customer base to help achieve growth, maintain demand and avoid over reliance any one specific market or customer.
A strong industrial sector is the foundation to build back better. The report makes four recommendations to Government: