Half of manufacturers expect job losses before end of year
Almost half of Britain’s manufacturing businesses expect to axe jobs in the next six months – up from a quarter just over a month ago, writes Alan Tovey.
The findings from trade group MakeUK expose the huge challenge faced by factories as the country’s battered economy emerges from lockdown, and follow a wave of redundancies in aerospace, travel and retail.
MakeUK also found that just 16pc of manufacturing companies are operating at full capacity. A third of companies in the sector expect normal business levels will not resume for a year or more.
The industry association is now calling on Rishi Sunak, the Chancellor, to launch massive support in next week’s summer statement or risk long-term damage to a sector which employs 2.7m people and generates 10pc of economic output. Industry chiefs are seeking increased incentives to boost research spending, training and productivity.