The Future of Manufacturing
The manufacturing sector accounts for over 10% of UK GDP, more than half of UK exports, around three quarters of business expenditure on research and development, and employs around 2.5 million people. In addition, economies with strong, export led manufacturing sectors typically recover from recessions more quickly than those countries without equivalent sectors.
Manufacturing is therefore an essential part of the UK economy, and matters for the future.
'The future of manufacturing: a new era of opportunity and challenge for the UK ' looks at how manufacturing is set to enter a dynamic new phase, driven by rapid changes in technology, new ways of doing business, global competition and potential volatility in resource prices and availability. These changes mean that manufacturing in 2050 will look very different from today.
In addition to examining important changes facing manufacturing, the report puts forward a framework for Government and industry action to ensure that the UK manufacturing sector is able to compete and thrive in this new world.
Members of the Lead Expert Group talk about the report and what it means for UK manufacturing.