Senior executives in the manufacturing industry are optimistic about conditions for the sector improving in 2022, with 73 percent reporting that opportunities outweigh risks. These were the findings of a report by manufacturers organisation Make UK and consultant PwC this week.

“It’s testament to the strength of manufacturers that they have emerged from the turbulence of the last couple of years in such a relatively strong position,” said Stephen Phipson, Chief Executive of Make UK. “While clouds remain on the horizon in the form of rapidly escalating costs and access to key skills, the outlook is more positive for those that remain adaptable, agile and innovative.”

Over three quarters of the 228 companies surveyed also expected to see productivity improve this year. Retaining or improving staff skills were seen as the biggest priority for 67 percent of respondents with 57 percent citing skills and talent as the biggest risk factors facing businesses.

“To build on this we now need to see a Government fully committed to supporting the sector at home and overseas. This requires more than a plan for growth but a broader industrial strategy that sets out a long term vision for the economy and how we are going to achieve consistent economic growth across the whole country,” said Phipson.