Last updateFri, 12 Jul 2024 3pm

UK Manufacturing PMI: Jaguar Land Rover battery plant gives manufacturing much needed injection of reassurance – MHA Comments

Following the release of the latest UK Manufacturing PMI today (1 June), Guy Hodgkinson, partner at MHA, believes that despite manufacturing output falling for a 4th consecutive month, sector is beginning to see light at the end of the tunnel as government-backed battery factory injects vital confidence back into industry:

“Despite a rocky start to the year and output contracting in May, confidence is returning within UK manufacturing. The announcement in May that Jaguar Land Rover is set to build their new battery plant in Britain supported by several hundred pounds worth of government subsidies has provided much needed reassurance of sector backing from the government and that the UK remains open for business.

“Order books remain strong and inflation appears to be ‘flat lining’, adding to a growing sense of optimism. Despite rising interest rates, there is a willingness from financiers to lend and for manufacturers to invest for the future.

“Innovation continues to remain at the forefront of UK manufacturing. Despite the bitter disappointment of R&D tax deductions decreasing from 130% to 86% in April, green technology is at the forefront of the sector’s innovation drive. With many lenders also pushing for green investments in their funding assessments, we can expect to see sustainability remain a top priority for manufacturers in the short and medium term”



  • Latest Post

  • Most Read

  • Twitter

Who's Online

We have 9894 guests and one member online

We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.