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The future of manufacturing in the UK seems as tough to predict as last month’s surprise outcome of the Brexit vote itself. The result of the referendum for the UK to leave the EU is creating widespread uncertainty. In an effort to provide some clarity, Frost & Sullivan’s Manufacturing Leadership Council has identified 10 things that manufacturers should know about when trying to assess the future of manufacturing in the UK and globally, and the potential implications of Brexit on their businesses.
“Unfortunately, the true impact of Brexit on British, European and global manufacturing companies looks set to be clouded by continuing uncertainty until the EU and the UK’s new government thrash out an acceptable plan of action for both sides – and that could take at least two years”, finds Paul Tate, Research Director and Executive Editor with Frost & Sullivan’s Manufacturing Leadership Council.
Frost & Sullivan believes that all manufacturing companies globally should take into account the following 10 key factors when assessing the current situation to make sure their focus is on future growth opportunities.
- The Current State of UK Manufacturing
- The Downside
- The Upside
- European Trade
- Foreign Investment in Manufacturing
- Global Manufacturers in the UK
- Raw Materials
- Manufacturing Skills
- Product Innovation
- The Future of a Single Digital Market
“There are concerns that the Leave vote would have a negative impact on manufacturing business in the UK. At the same time we could argue that the falling pound will make British exports cheaper on world markets”, notes Karthik Sundaram, Programme Manager of the Industrial Internet of Things, Frost & Sullivan. “In addition, leaving the EU might help UK manufacturers compete better on a global stage, as they will no longer be hindered by highly regulated EU industrial policies.”
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
