In his maiden speech, Andrew Reynolds Smith said that the manufacturing sector deserves greater credit for its successes in recent years, and for its key role as part of the wider economy.?
He said that although the government has helped provide a stable business environment and a flexible workforce, and is moving in the right direction on skills, the industry needs to do more to promote itself, while policymakers should embrace their role in creating a globally competitive, modern manufacturing sector in the UK.
Reynolds Smith, executive director of GKN, told business leaders at a CBI event in Banbury, Oxfordshire, UK: “Manufacturing is misunderstood. Public opinion is of a small, declining sector, owned by foreigners and on the brink of being totally offshored to China.”
He continued: “But in fact there are over 150,000 businesses that manufacture in the UK, turning over £500bn. Last year they accounted for 60% of UK exports, worth £220bn – which is an increase on the previous year. And 21 of the FTSE 100 manufacture goods including pharmaceuticals, machinery and food.” Mr Reynolds Smith stressed that manufacturing is not a stand-alone function concerned with making products, and that many businesses that manufacture also research, market, deliver and service their products.
