Great British Business in partnership with:
Manufacturing & Engineering
At long last, the British appear to be getting manufacturing in perspective. It's about time.
Manufacturing has become a smaller part of our economy but it's healthier and more productive than it has been for many decades. According to The Changing Shape of UK Manufacturing, a recent report published by the Office for National Statistics (ONS), manufacturing productivity has grown by an average 2.8 per cent per annum since 1948 - which compares pretty favourably with the service sector's 1.5%.
With this improved productivity and stable wages, the UK has become one of the most cost-effective locations in Western Europe to produce goods.