Manufacturing is having a far greater impact on the UK economy than first thought according to research carried out by Oxford Economics and the MTA. The sector is work some £518billion and supports 7.3million UK jobs directly and across the supply chains/communities it operates in. This represents nearly a quarter of total GDP (23%) – far bigger than the direct contribution of 8.2% that is usually quoted by economists. Further, the report shows that ‘making things’ accounts for 34.5% of all UK goods and services exports. This surely reinforces what many of us already knew, and should be a wake-up call for our political parties as we head into the General Election.
True impact of manufacturing is nearly a quarter of UK GDP
Manufacturing is having a far greater impact on the UK economy than first thought according to research carried out by Oxford Economics and the MTA. The sector is work some £518billion and supports 7.3million UK jobs directly and across the supply chains/communities it operates in. This represents nearly a quarter of total GDP (23%) – far bigger than the direct contribution of 8.2% that is usually quoted by economists. Further, the report shows that ‘making things’ accounts for 34.5% of all UK goods and services exports. This surely reinforces what many of us already knew, and should be a wake-up call for our political parties as we head into the General Election.
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