A new poll has found that 69% of manufacturers think overseas investment into UK manufacturing is helping the sector.
As controversy mounts over Pfizer’s bid for Astra-Zeneca, new figures from the Institution of Mechanical Engineers and accountants and business advisers BDO LLP have found that the majority (69%) of manufacturers think overseas investment into UK manufacturing is helping UK companies compared to just 13% who said it was damaging the sector.
The results are part of the annual Engineered in Britain 2014: Manufacturing a Successful Economy? report by the Institution of Mechanical Engineers and BDO LLP recently released.
Dr Colin Brown, director of engineering at the Institution of Mechanical Engineers, said:
“While individual takeovers need to be appraised on their own merits, these results show that UK manufacturers are keen to see more overseas investment in UK manufacturing.
“UK manufacturing and engineering lies at the heart of a healthy economy and as long as these investments are being made to create UK jobs and exploit UK skills we should welcome them, as investments in the UK’s future.”
The report also highlights that manufacturers and the public are broadly divided over whether the uncertainty over the Scottish independence vote is damaging UK manufacturing, with 44% of manufacturers and 27% of the public saying it is having a detrimental effect compared to 47% and 28% respectively saying it was having no effect. In addition, 52% of manufacturers and 44% of the public think that uncertainty over the UK’s future in the EU is having a negative effect on UK manufacturing, compared to 36% and 20% respectively saying it was having no effect.
The Engineered in Britain2014: Manufacturing a Successful Economy? report by the Institution of Mechanical Engineers and BDO LLP features surveys of 1,000 manufacturers and 1,000 members of the public to gauge opinion on the current status of UK manufacturing.
The public poll was carried out by ICM and the poll of manufacturers was carried out by MSS, both on behalf of the Institution of Mechanical Engineers and BDO LLP.
