Crowe begins annual manufacturing survey to assess sector’s health
Audit, tax, advisory and risk firm Crowe UK has launched its first of two surveys looking into the true health of the UK manufacturing sector.
In collaboration with the Confederation of British Metalforming, the survey will collect the opinions of industry workers on issues such as funding, growth, technology and which business relationships they value.
It asks business-critical questions on how and where manufacturers are sourcing funding. It will also gauge the level of awareness of the current Research & Development tax reliefs, and look into whether businesses have claimed these funds in the past year.
A second survey, planned for early 2023, will consider barriers and the future of the sector.
Johnathan Dudley, Crowe’s Head of Manufacturing and Midlands Managing Partner, said: “It is becoming increasingly clear that manufacturing faces a perfect storm of issues in the coming 12 months.
“While some will be in survival mode, others are still seeking to grow and we want to know what is proving their main barrier to growth in the next 12 months.
“Global and economic conditions are likely to be exacerbated by pressures on working capital and generating cash, and access to finance, plus issues such as Brexit and trading tariffs, difficulties in recruiting, upskilling and retaining staff, and a nationwide shortage of industrial space.”
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As the cost of living crisis continues, Jonathon added that many employers would feel heavy pressure to increase wages to match inflation.
“Meanwhile, business owners must also factor in issues such as Industry 4.0 replacing more traditional manufacturing methods and pressures to invest in becoming carbon neutral,” he said.
The survey will also probe the current governmental support for manufacturing, asking whether it is seen as adequate, and will look to identify manufacturing’s preferred support network, such as external advisors and members of manufacturing networks, trade organisations, and local chambers.
Stephen Morley, President of the Confederation of British Metalforming, concluded: “We are continually lobbying Government for support for our 200 members and, importantly, industry in general, as supply chains are all so closely interlinked.
“In order to make the most persuasive case and suggest the best possible solutions to the powers that be in Whitehall, we need intelligence from the people at the coalface, telling us about their challenges, their opportunities and the issues they’d like us to address.
“Energy is obviously a major concern for all of us at the moment and inflation continues to place increased pressure on management teams emerging from the shadows of Covid-19 and the complexities of Brexit.”
The survey can be accessed here, with one lucky respondent set to win a Formula E Scalextric set in December. The results are expected to be published in January of 2023.
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