Kemi hails Brexit freedoms driving our £518billion ‘made in the UK’ juggernaut
BREXIT freedoms are powering a manufacturing “juggernaut” that is firing a resurgent economy, Business and Trade Secretary Kemi Badenoch has declared.
The “made in the UK” sector is now worth £518billion and supports 7.3 million jobs in a clear sign the country is on the up and thriving.
Writing for the Daily Express Ms Badenoch said: “We’re using our freedoms to back brilliant British industry. If Labour gets in we risk losing the benefits.We must stay the course.
“And if we do, Britain will remain a manufacturing juggernaut now and for decades to come.”
Her upbeat assessment is a jolt to those who predicted a leaden future outside the closed-shop EU.
It comes ahead of a rally attended by 30,000 industry movers and shakers where in-depth analysis will reveal how buoyant firms have flourished despite an unprecedented period of struggle.
Analysis by Oxford Economics and the Manufacturing Technologies Association shows booming businesses have succeeded despite the Covid pandemic, rocketing energy costs, global supply-chain fragility and raging international conflicts.
The value of manufacturing, the backbone of the economy, is now put at almost 25% of
‘If Labour gets in we will lose the benefits, so we must stay the course’
national wealth – significantly larger than 8.2% of the direct contribution quoted by economists.
The positive overview, revealed by industry titans at the gathering in Birmingham, shows typical wages in the sector are now £31,300 – 11% higher than the national average.
Association boss James Selka said: “This is a fantastic insight into the true impact of manufacturing in the UK and reinforces what many of us already know – that industry is a far greater contributor to GDP and jobs than listed in national accounts.
“The results illustrate manufacturing accounts for £518billion of GDP and supports 7.3million jobs, most of which enjoy higher than average wages.”
Analysis also shows “making things” accounts for more than one third of all goods and services exports in further proof innovative firms are leading the world.The UK is the ninth largest manufacturing nation in the world with annual output of £190billion.
Mr Selka said: “Our report has been designed to take a deeper dive and looks at the direct, indirect, and induced impacts of manufacturing, which is a far more comprehensive overview of what we make, the complex nature of our supply chains and the economic benefit gained from the spending of wages by those employed in our sector.
“We are also a part of the economy that invests heavily in new technologies, with nearly half of total research and development investment made by manufacturers.” Starting today, the MACH 2024 rally in Birmingham is the biggest in the UK’s industrial calendar, attracting over 500 firms and attended by tens of thousands of manufacturing delegates.
More than £200million of business will be completed across the week as innovative firms unveil new technologies and machines designed to boost productivity and global competitiveness. It is also a major pull for young people looking for careers, with 3,500 students set to attend. David Atkinson, of headline event sponsor Lloyds Bank, said: “As this report highlights, manufacturing is an integral part of the UK economy through GDP contribution, job creation, and as a source of high wages.
“When you consider the sector’s extended reach through its supply chains and beyond, you can really start to see the scale of its contribution. Manufacturers have demonstrated agility and resilience in the past few years of uncertainty, and we are responding by continuing to invest in partnerships in the sector
that ensure it has the skills, tools and support needed to compete on a global scale.”
Firms continue to benefit from a Brexit bounce. One quarter of manufacturers have repatriated the production and manufacturing of goods where it was once done overseas confidence grows.
This has seen them focus on assembling an army of skilled, motivated, and homegrown talent to ensure Britain dominates a highly competitive market. Alucast, one of the busiest foundries, has increased its workforce by 20% as orders fly in. Its flourishing foundry in the Black Country, the beating heart of blue-collar Britain, is where molten metal is cast into shapes.
It now employs 120 skilled workers and has secured £1.2million worth of export contracts for high-quality parts used in car manufacturing and hydraulics.
The Brexit boost comes as Britain officially became the world’s fourth largest exporter due to demand for services. The
UK was ranked seventh in 2021. Figures from the UN last week showed we have overtaken France, Netherlands and Japan and now sit only behind only China, the US, and Germany.
Ms Badenoch said: “The UK is punching above its weight on trade, and is on track to reach our ambition of exporting a trillion pounds of goods and services a year by 2030.”
IT’S all too easy to talk Britain down.The Labour Party is an expert in it, with some MPs still moaning about how everything would be different if we had remained in the EU.
The truth is that everything is beginning to look different because we have left the EU.Writing in today’s Express, Kemi Badenoch, Secretary of State for Business and Trade, says our manufacturing sector has outpaced those of all the other G7 countries and that people no longer can claim that nothing is made in Britain.
On the contrary.We are finally removing the shackles that were imposed upon on us by busy-body EU officials and beginning to see the light at the end of the Brexit tunnel.
That was always going to be the case and it’s time the doom-mongers accepted the fact.