26/04/2024 by Mark
A new report conducted by the Manufacturing Technologies Association (MTA) and Oxford Economics has revealed that the manufacturing sector contributes to the UK economy to a greater degree than previously thought.
The report titled “The True Impact of UK Manufacturing” was released at the MACH 2024 exhibition, where leading lubricant brand Castrol was also present to showcase its industrial solutions, such as its range of advanced gear oil and grease ranges.
Looking at manufacturing combined with the communities and supply chains it operates within, the report concludes that the UK manufacturing industry supports some 7.3 million jobs, with the median wage being 11% above the national average at £31,300. The industry is also worth £518 billion to the UK economy and accounts for 34.5% of exports of goods and services from the UK.
MTA’s CEO James Selka said in a statement:
“This is a fantastic insight into the true impact of manufacturing in the UK and reinforces what many of us already know—that industry is a far greater contributor to GDP (gross domestic products) and jobs than listed in national accounts.”
He added that the report had been set up to dive deeper into the direct, induced and indirect effects of the manufacturing sector, given the knock-on benefits of manufacturing workers spending their wages and the implications for the supply chain.
The MTA will now be calling on key stakeholders, such as policymakers, academics and business leaders, to help the sector realise its full potential by formulating a cross-party strategy for industry.
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