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United KingdomNearly half of small UK manufacturers see recovery soon
Reuters
2 minute read
A wrench lies on a workbench at manufacturing firm Sigma UK in Hinckley, central England, May 1, 2013. REUTERS/Darren Staples
Nearly half of smaller British manufacturers expect to recover to their pre-pandemic health in the coming months, with investment and hiring plans on the rise, a survey showed on Monday.
Business support groups South West Manufacturing Advisory Service (SWMAS) and Manufacturing Growth Programme said 48% of small and medium-sized manufacturers expected to meet or surpass their pre-COVID position in the next three months.
The survey adds to other signs that a wave of optimism has swept British companies as the economy gradually reopens following a third national coronavirus lockdown.
Of the 284 respondents, more than half cited complications with exporting (54 per cent) and importing goods (56 per cent) since December 31st, causing potential short and long-term hits on volumes and new opportunities.
According to the survey, less than a third of SME manufacturers feel they are getting the right support and guidance from government on how to navigate changes caused by Brexit related issues. Just over a fifth (21 per cent) of businesses believe Brexit could deliver new reshoring opportunities that would bring supply chains closer to home.
“SME manufacturers have had to deal with unprecedented levels of change over the past 12 months and it is encouraging to see some green shoots of how the sector has adapted throughout this difficult time,” said Nick Golding, managing director of SWMAS.