“Record investment plans in technology should be welcomed. This shows companies are recognising that they need to spend in order to compete globally, offering unique processes and technologies that establish themselves on the added value chain.”
He continued: “Predicted recruitment of new staff has also remained strong, although this could be due to companies not being able to find the skilled employees they need.
“Any slowdown by the bigger manufacturers will take a while to cascade down the supply chain. We have to be mindful that there might be a delayed reaction to the predicted slowdown.”
The Barometer is the largest survey of its kind, reflecting the views of 546 SME manufacturers across England, employing over 16,000 people.
The Business Growth Service, launched in December 2014 by the Department for Business, Innovation and Skills, brings together GrowthAccelerator and the Manufacturing Advisory Service, with additional elements from the Intellectual Property Office (Intellectual Property Audits) and the Design Council (Design Mentoring).
The manufacturing offer is closely aligned with GROW:OffshoreWind and Fit for Nuclear (F4N), the latter delivered by the Nuclear AMRC (NAMRC).
The Business Growth Service also refers SME manufacturers to the right support provided by other agencies, including UK Trade & Investment, Innovate UK (including High Value Manufacturing Catapults), the British Business Bank, local Growth Hubs and UK Export Finance.
