Manufacturers want their own bank

ONLY 17% of North West manufacturers believe the Government is adopting the right strategies to help develop the sector.

A new report from accountants BDO, Manufacturing the Future, states that although nearly all (98%) manufacturers surveyed welcomed Government statements that it is vital for the  economy, few believed that it was doing enough.

Measures called for by the region’s firms include the creation of an “industrial bank”, a new focus on manufacturing skills and a more supportive tax system.

Although 79% of firms remain optimistic about the long-term future of the economy over the next decade, nearly half are not confident that manufacturing will still be a core sector of the UK economy and 54% anticipate no increase in the its share of GDP.

Philip Storer, partner at BDO in Manchester, said: “If there’s one overriding message we’re hearing from manufacturers, it’s that words are not enough.  

“Optimism for longer term economic growth is encouraging, but it’s worrying that manufacturers don’t envisage they’ll have a significant role in achieving it – especially given the government’s insistence on the sector’s importance to the rebalancing of the economy.”