Productivity and output boom on the horizon for UK manufacturers25 June 2015

Anna Soubry Minister for Small Business, Industry and Enterprise, Anna Soubry

British manufacturers are forecast to increase their productivity by 15.5% over the next five years helping to increase the value of exports by 35%, according to a study commissioned by the International Festival for Business 2016 and undertaken by economists at Oxford Economics.

The value of exports over the next five years will rise particularly across the following areas: power generators (54% increase), road vehicles (59% increases), electrical machinery (46% increase) and telecoms equipment (40%).

Enitled 'Beyond the City' the study analysed the performance of the UK economy and its local economies beyond London, with a focus on the manufacturing, energy & environment, professional services and digital & creative sectors.

The study was launched at the London Stock Exchange by Sir Terry Leahy and Minister for Small Business, Industry and Enterprise, Anna Soubry to mark 'one year out' from the second International Festival for Business to be held in Liverpool between 13 June and 01 July 2016.

The festival is a series of events supported by government that will bring together thousands of businesses for three weeks of networking and deal-making.

The research also found that between 2010 and 2015 Wales achieved manufacturing growth of 18,000 jobs, making it one of the best performing regions in the UK. This was driven by a particular strength in aerospace and automotive, as well as new sectors such as optoelectronics.

Max Steinberg, Chair of the International Festival for Business, said: "It is fantastic to see that Britain's manufacturers are expected to benefit from rising productivity and exports over the next five years.

"At the same time we are likely to see a move towards advanced high value manufacturing away from the more traditional labour intensive industries.

"At next year's International Festival for Business we will be showcasing the great successes of British manufacturers and this report confirms they have a lot to offer the world."

Mark Venables

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