Yesterday on the EEF blog, Lee put together a neat summary of what third-party analysis has said about the impact of Brexit on UK manufacturing.
The verdict is pretty straightforward; a Brexit is damaging for all those things that UK manufacturing is good at – investment & innovation, exports and productivity. Coincidentally (or not) these are also the things that would bring much needed rebalancing to the UK economy.
Today we’ll look at what UK manufacturers themselves think about the Referendum, followed by 11 key facts that are likely to be informing that view.
What do UK manufacturers think?
Why do they think it?
There is a wide range of reasons behind manufacturers’ preference to remain in the EU. Listing all of them would be impossible and let’s face it, pretty tedious.
So here’s a starting eleven of key facts about the UK’s relationship with the EU:
Why should we listen?
We’ve established that manufacturers want Britain to stay in the EU and we know the rationale behind it. But why should we listen?
Manufacturing is a vital part of the economy. We’re also pretty good at it. It provides jobs for 2.6 million people, contributes £1 in every £10 of output and invests disproportionately to its size, even more so in technology. Oh and it’s responsible for almost half of all UK exports.
What manufacturers think matters; and how they react following the referendum result will have significant repercussions for the UK economy.