Manufacturing is having a far greater impact on the UK economy than first thought according to a major new report released by the country’s Manufacturing Technology Association.
‘The True Impact of UK Manufacturing’, which was unveiled at Mach 2024 in Birmingham, shows industry is worth 518 billion pounds and supports 7.3 million UK jobs directly and across the supply chains/communities it operates in.
This represents nearly a quarter of total GDP (23 percent) and far bigger than the direct contribution of 8.2 percent that is usually quoted by economists.
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.
Likewise Group PLC (LON:LIKE) is a distributor of floorcoverings and matting and has the opportunity to consolidate the domestic and commercial floorcovering markets to become one of the UK’s largest distributors in this sector.
