Manufacturers have called for emergency Government help after slashing growth forecasts for next year amid “gathering storm clouds” for industry.
Make UK, which represents manufacturing companies, said a survey of firms suggested growth in the sector of just 0.6% in 2023, down from 1.7% as recently as June. The manufacturers’ organisation has cut its forecast for economic growth from 3.6% this year to 0.3% in 2023.
The organisation called on the Government to bring forward a “shock and awe” package of policy measures in its mini-Budget on Friday in line with those seen during the worst points of the pandemic to help protect viable companies and avert significant job losses. As well as help with energy costs, Make UK wants measures to aid cashflow, provide greater access to labour and encourage investment, especially in energy efficiency technologies.
