A manufacturing industry survey has revealed that Britain is increasingly seen as a place to source high-tech components and seek future profits.
As reported by The Financial Times, the poll which was conducted by the Economist Intelligence Unit found that global companies expect to derive the majority of their profit growth over the next two years from the US, China, and the UK (in that order).
This meant that the UK placed higher than other significant manufacturers like Germany, Japan, India and Brazil.
Stephen Cooper, KPMG’s head of manufacturing welcomed the poll results.
“Despite challenging conditions faced by UK manufacturers, it is encouraging that global markets are increasing focusing on the UK for growth in sales, profit and sourcing,” he said.
“In addition, over the past few years, the weak pound has made UK goods relatively cheaper in the global marketplace.”
The poll was conducted among 335 senior manufacturing executives around the world. It also found that they believed that three-quarters of the manufacturing items sourced from the UK would involve high-tech products that contain significant intellectual property value, rather than simpler and lower-margin commodity items.
This result follows an MPI figure in April which showed that UK manufacturing has almost returned to growth.