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

Secrets of Success within the personalised gifting sector:...

July 17, 2024

Cryptocurrency firm advised by Philip Hammond withdraws UK...

October 14, 2022

Homeowner Loan Rates: Unlock the Best Deal for...

November 18, 2024

JP Morgan’s Jamie Dimon puts US recession risk...

April 14, 2025

Alibaba.com backs athlete365 business accelerator to empower olympic...

December 2, 2024

Royal Mail unable to despatch items abroad after...

January 12, 2023

Surge in Job-Seekers Marks Largest Increase Since 2020...

June 10, 2024

Boris Usherovich: A Chronicle of Resilience and Achievement

March 17, 2024

Mike Ashley scores in £17m deal to buy...

November 18, 2022

Car Insurance Costs Soaring: What’s Driving the Increase?

August 11, 2023

    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

    • Trump’s ‘big, beautiful bill’ faces Republican family feud as Senate reveals its final text

      June 28, 2025
    • Senate shuts down Kaine’s attempt to check Trump’s war powers

      June 28, 2025
    • 3 Stock Setups for the Second Half of 2025

      June 28, 2025
    • Trump touts administration’s progress on peace deals, says world leaders ‘respect our country again’

      June 27, 2025
    • Venezuelan opposition member details harrowing 400-day captivity at UN

      June 27, 2025
    • Anxious Republicans turn to Trump amid divisions over ‘big, beautiful bill’

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,081)
    • Politics (15,843)
    • Stocks (3,176)
    • 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