Industry report
Unveiling the true impact of manufacturing ‘The True Impact of UK Manufacturing’, which was unveilled at MACH 2024, shows industry is worth £518billion and supports 7.3million UK jobs directly and across the supply chains/communities it operates in.
This represents nearly a quarter of total GDP (23%) and far bigger than the direct contribution of 8.2% that is usually quoted by economists. Carried out by Oxford Economics and the Manufacturing Technologies Association (MTA), the in-depth report also shows that ‘making things’ accounts for 34.5% of all UK goods and services exports, whilst the median wage is £31,300 – 11% higher than the national median wage. The findings are even more impressive when you consider the sector has had to navigate
a myriad of challenges outside its control in recent years, including changing relations with the European Union, the Covid-19 pandemic, unprecedented increases in energy costs and global supply chain fragility and international conflicts. MTA’s Chief Executive Officer, James Selka is now urging the sector to build on this report by exploring ways in which it can address the skills shortage and develop successful programmes, such as the High Value Manufacturing Catapult
Machinery & Manufacturing 12
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