The impact of the seismic increase in energy prices shows no signs of abating for manufacturers as they enter 2023, with growing fears of blackouts and a ticking clock on the extension of the energy support package.
The 2023 Make UK/PwC Executive Survey examines the views of over two hundred senior executives across manufacturing on the outlook for the year ahead. It shows the scale of uncertainty and increased costs that companies continue to face across the board.
The year ahead is going to be very challenging for manufacturers. Ongoing supply chain disruption, access to labour and high transport costs which show no sign of abating can be added to a growing sense of economic and political uncertainty in their main markets.
The biggest risk, however, remains the eye watering increases in energy costs which has left the clock ticking for many companies. As a result, Government must do all it can to shield companies from the worst excesses of these increases and that means leaving everything on the table, including an extension to the energy relief scheme.
Stephen Phipson CBE
Chief Executive, Make UK
UK manufacturers are resilient by nature, however we face another 12 months where it's likely that global supply chains will remain stretched and a string of pressure points will continue to spring up, from sourcing and purchasing to fulfilment and distribution. All of this plus the need to continue to refine our relationship with the EU - especially in regards to the movement of people - will see manufacturers facing a packed, and somewhat, daunting to-do list.
Cara Haffey
Manufacturing Leader, PwC UK
Join Make UK and PwC as we as we discuss the manufacturing leaders’ expectations for the sector and the economy in 2023:
Webinar: Executive Survey 2023: Cost, Competitiveness and Confidence
