MAKING A GOOD POINT
If anyone was in any doubt that ‘making stuff’ was important, a new report on UK manufacturing will put them straight.
The study reveals how the sector is having a far greater impact on the UK economy than previously thought.
‘The True Impact of UK Manufacturing’ shows it is worth £518bn and supports 7.3 million UK jobs directly and across the supply chains and communities it operates in.
This represents nearly a quarter of total GDP (23 per cent) and is far bigger than the direct contribution of 8.2 per cent that is usually quoted by economists.
Carried out by Oxford Economics and the Manufacturing Technologies Association (MTA), the in-depth report also shows that ‘making things’ accounts for 34.5 per cent of all UK goods and services exports, whilst the median wage is £31,300 – 11 per cent higher than the national median wage.
The findings are even more impressive when you consider the sector has had to navigate a barrage of challenges outside its control in recent years, including changing relations with the EU, the Covid-19 pandemic, unprecedented increases in energy costs and global supply chain fragility and international conflicts.
SEEKING ACCOUNTANTS TO DRIVE POSITIVE CHANGE IN LANCASHIRE
As the chair of the ICAEW Lancashire and South Lakeland Board, I have had the privilege over the last two years of leading a brilliant team of chartered accountants dedicated to driving positive change in our region.
Our committee comprises ten professionals holding influential positions across various sectors, including business and accountancy practices in Lancashire and Cumbria.
The Institute of Chartered Accountants in England and Wales (ICAEW) plays an important role at both regional and local levels by providing essential support and resources to professionals in the finance sector.
Through its commitment to professionalism, integrity, and high standards, the ICAEW supports economic growth, stimulates innovation, and promotes diversity within communities. By championing best practices, driving competitiveness, and advocating for inclusivity, the ICAEW is a key player in shaping the future of the profession and driving positive change in the broader economy.
Chris Brown, Brown & Co
For example, ICAEW is leading a programme called Rise, which is teaching GCSE-aged pupils the skills required to succeed in life and work, irrespective of their socio-economic background and future career choices. It’s not about encouraging young people to become accountants, but focuses on building a talented workforce for the future economy.
At the heart of our mission is the goal of attracting new and diverse talent into the accountancy profession. We believe that becoming a chartered accountant opens
www.brownandco.uk
doors to a myriad of opportunities, from school leaver apprenticeships to post-degree qualifications. It’s a versatile and rewarding career path that equips individuals with the skills and expertise to become leaders in their respective fields.
We are passionate about promoting the diverse pathways to becoming a chartered accountant and showcasing the exciting career prospects it offers. Whether you’re a school leaver, a recent graduate, or a seasoned professional looking for a new challenge, there’s a place for you in our profession.
If you’re interested in learning more about our work, or are a chartered accountant working locally who wants to get involved with the ICAEW Lancashire and South Lakeland Board, we’d love to hear from you.
If you’re a local business or regional leader who is interested in working with us to drive innovation, develop local talent, and make a positive impact in our communities, then please get in touch.
The report also highlights the importance of the North West of England’s aerospace and defence sector, examined in our Sector View insight on page 58.
James Selka, MTA’s chief executive is urging the sector to build on the report as it looks to meet its challenges.
He said: “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 and jobs than listed in national accounts.
“We are also a part of the economy that invests heavily in new technologies, with nearly half of total R&D investment made by manufacturers.”
Manufacturing debate page 63
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