Lack of UK economic certainty is biggest concern for UK manufacturers, finds Santander study

Over half of UK manufacturers think that ‘a lack of UK economic certainty’ is the most pressing concern for business, according to a new snapshot poll by Santander Corporate & Commercial.

The research, which coincides with Santander’s Manufacturing Industry Day, found that 21 per cent of the manufacturers surveyed were concerned about a lack of skilled workers.

75 per cent say they are planning to expand overseas in the next three years, and of those looking to expand, the European Union is their preferred market, cited by 66 per cent

This was following by North America, with 45 per cent, and the Asia Pacific region with 36 per cent.

The figures also revealed that 25 per cent of manufacturing firms were ‘very confident’ on prospects for the sector.

While a further 44 per cent said they are ‘slightly confident’ on prospects, just three per cent expected the manufacturing sector to ‘grow significantly’ over the next three years, with 44 per cent expecting moderate growth.

Paul Brooks, Head of UK Manufacturing at Santander UK, said: “It is clear that UK manufacturers are focused on growth and opportunities but have real concerns about the strength of the UK economy.”

“Despite this, the strongly positive aspiration to invest in their business and, more particularly, export overseas or expand current international trading activity is very encouraging.”

“Santander has a specific team focused on helping UK manufacturers to export globally, and we are committed to growing this activity as demand increases.”