Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK drops out of top ten manufacturing nations as Russia and Mexico overtake

by July 29, 2024
July 29, 2024
UK drops out of top ten manufacturing nations as Russia and Mexico overtake

The UK has fallen out of the top ten manufacturing nations globally for the first time, according to a report by industry body Make UK.

This significant drop, attributed to a “redrawing of the contours” of the global economy, sees Britain placed 12th in the 2022 rankings, down from eighth in the previous year.

Make UK’s analysis highlights that Mexico and Russia have surpassed the UK, securing the seventh and eighth positions respectively. Mexico’s rise is driven by increased investment from China, while Russia’s surge is due to a boost in defence production, now accounting for 6% of its GDP. China and the United States maintain their positions as the first and second leading manufacturing economies.

The UK’s manufacturing sector, contributing £217 billion to the nation’s output and providing approximately 2.6 million jobs, is in need of a “long-term industrial strategy,” warns Make UK. Verity Davidge, the director of policy at Make UK, expressed disappointment at the UK’s slip but attributed it to global economic trends rather than a decline in domestic industry.

Northwest England remains the UK’s largest manufacturing hub, employing 330,000 people and generating £29.5 billion in output. Despite this, the sector has criticised the previous government for its inconsistent policymaking. Stephen Phipson, CEO of Make UK, has called the absence of a cohesive industrial strategy the country’s “Achilles heel,” advocating for a plan to elevate manufacturing to 15% of the national economy.

Phipson emphasised that major economies like Germany, China, and the US have long-term manufacturing strategies that underscore the critical role of industrial bases in their broader economic success. He urged the UK to adopt a consistent, independently monitored plan with cross-party consensus to avoid the pitfalls of erratic policy changes.

Paul Drechsler, former president of the CBI, echoed these sentiments, criticising Britain’s political U-turns, inconsistent funding, and lack of a stable industrial strategy as major hindrances to the sector’s growth.

Read more:
UK drops out of top ten manufacturing nations as Russia and Mexico overtake

0
FacebookTwitterGoogle +Pinterest
previous post
UK job vacancies drop by 20% despite economic growth
next post
Rachel Reeves set to slash spending and sell off empty buildings

You may also like

Stenn reaches $10 billion in SME financing as...

October 25, 2022

Small firms call for action as job vacancies...

October 11, 2022

Urgent action needed to prevent London’s black cabs...

March 19, 2025

Shell boss warns of ‘huge impact on trade’...

June 19, 2025

Festival of Brexit investigated by National Audit Office...

October 11, 2022

Homeowners face £3,000 rise in mortgage payments

December 30, 2022

Perception is your reality

September 3, 2024

How does trading impact business materials?  

January 4, 2024

Stagnant wages since 2008 financial crash means workers...

March 20, 2023

Surelock Homes Unlocks Victory as Best Small Business...

May 29, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • “XRP Futures Hit $1B — WinnerMining Cloud Mining Shows You How to Earn $1,850 a Day”

      August 28, 2025
    • UK to fast-track next-gen RNA therapies with £30m Darlington biofoundry

      August 28, 2025
    • Government looks at applying National Insurance to rental income in Autumn Budget

      August 28, 2025
    • National Wealth Fund commits £200m to UK battery storage push

      August 28, 2025
    • XRP price prediction hits new highs, GMO Miner helps you earn $6,800 a day

      August 28, 2025
    • West End retailers lose £310m from VAT-free shopping ban in first half of year

      August 28, 2025

    Categories

    • Business (8,904)
    • Investing (2,246)
    • Politics (16,503)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved