Report predicts that rising oil prices and new technology will lead to more localised production and the creation of 200,000 new manufacturing jobs in Britain
Up to 200,000 UK manufacturing jobs could be created over the next 10 years according to recent research carried out by the RSA (Royal Society for the encouragement of Arts, Manufactures and Commerce).
The extensive report, which outlines growing opportunities in manufacturing, particularly for medium sized companies, predicts that global production will no longer be the default approach for manufacturing in the future, and instead companies will look towards local manufacturing sources to make their products.
Their projections show that a more locally-focused supply chain could increase the value of UK manufacturing output by up to £30bn. Great news for the British jobs market, as well as the economy – if the predictions are correct it could reduce the UK trade deficit by up to a third.
However, the findings also warn that the opportunity could be missed if issues surrounding skills shortages, funding and the image of manufacturing are not addressed by both businesses and Government. Attracting and retaining staff is a common problem amongst UK manufacturers across all sectors, and something that the report says the Government should be focusing on if Britain is to not miss the boat.