The sector already has a strong track record on productivity and, promisingly, there is every indication that this is set to continue. Almost two thirds of firms (63%) are focused on driving up productivity, while margins (71%) and sales (64%) are also key targets in manufacturers’ growth plans.
While identifying some strong positives, this report also points out that the current trajectory of manufacturers’ business plans still falls short of where the sector needs to be by 2026. Companies are innovating and working hard to tackle many of the internal and supply chain challenges they face. But creating the right business environment, particularly post EU referendum with Brexit on the horizon, an ambitious, comprehensive and long-term industrial strategy spanning all Government departments is critical to support growth.
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