MAY 2018 | MANE ENGINEERING | 5
new research looks positive for
manufacturing industry
A study by world leading economics consultancy Oxford Economics has for the first time taken into account the full impact of the UK’s manufacturing economy. This includes the induced effects of spending that manufacturing wages create in the economy and the indirect effect of increasingly complex supply chains; these figures show that the sector is responsible for 23% of the UK GPD, which is over double the figure routinely quoted.
Nearly a quarter of the UK economy is accounted for by the manufacturing industry, which has more than 7.4 million jobs depending on it; this is according to the Manufacturing Technologies Associations' new research.
CEO of the MTA, James Selka explained that “This report clearly demonstrates that anyone who says that manufacturing doesn’t matter much to the UK’s economy is badly mistaken.”
In light of the year of engineering, this new research is a great opportunity to show younger generations the positive of perusing a career in the engineering and manufacturing sector, with the median wage in the industry being £27,400 - 19% higher than other industries. ■