EEF: Let's Kill Myth that UK Manufactures Less Now Than in 1980s
An industry group is calling for an end to the "urban myth" that less is manufactured in today's Britain than was in the 1980s.
EEF, which represents UK manufacturers, polled over 2,000 adults and found that 74% incorrectly think more was produced 30 years ago in the country. And just 36% thought manufacturing output was growing.
"The reality is that British manufacturing is a huge success story and is going from strength-to-strength, employing 2.6 million people and accounting for 11% of GDP," said Jim Davison, London and South East Region Director at EEF.
Rising manufacturing output is one of the key drivers of the UK economic recovery, which the Bank of England forecasts will see 3% GDP growth in 2014.
The Office for National Statistics (ONS) said factory output is growing at its fastest pace since 1999.
Chancellor George Osborne wants to boost UK manufacturing as part of his plan to rebalance the economy away from its reliance on household consumption and the housing market.
He has unveiled a number of measures to support manufacturers, such as efforts to bring down painful energy costs and schemes to make finance easier to get hold of from banks.
The manufacturing sector in Britain had been in decline for years, but has seen a sharp turnaround in the 2000s.
© Copyright IBTimes 2024. All rights reserved.