The first of two surveys to establish the true health of UK manufacturing has been launched by national audit, tax, advisory and risk firm Crowe.

Crowe has teamed up with the Confederation of British Metalforming to gauge the opinions of those who work in the industry on key issues such as funding, growth, technology and which business relationships they value.

It asks business-critical questions on how and where manufacturers are sourcing funding.

The survey also seeks to establish the level of awareness of the existing Research & Development tax reliefs and whether businesses have made a claim in the preceding 12 months. A second survey in early 2023 will address barriers and the future of the sector.

Johnathan Dudley, Crowe’s Head of Manufacturing and Midlands managing partner, said: “It is becoming increasingly clear that manufacturing faces a perfect storm of issues in the coming 12 months.

“While some will be in survival mode, others are still seeking to grow and we want to know what is proving their main barrier to growth in the next 12 months.

“Global and economic conditions are likely to be exacerbated by pressures on working capital and generating cash, and access to finance, plus issues such as Brexit and trading tariffs, difficulties in recruiting, upskilling and retaining staff, and a nationwide shortage of industrial space.”

He added that many employers would come under severe pressure to increase wages in line with inflation as the cost of living crisis continues to bite.

“Meanwhile, business owners must also factor in issues such as Industry 4.0 replacing more traditional manufacturing methods and pressures to invest in becoming carbon neutral.”

The survey also asks whether government support for manufacturing is seen as adequate and seeks to identify manufacturing’s preferred support network, such as external advisors and members of manufacturing networks, trade organisations, and local chambers.

Stephen Morley, president of the Confederation of British Metalforming, concluded: “We are continually lobbying Government for support for our 200 members and, importantly, industry in general, as supply chains are all so closely interlinked.

“In order to make the most persuasive case and suggest the best possible solutions to the powers that be in Whitehall, we need intelligence from the people at the coalface, telling us about their challenges, their opportunities and the issues they’d like us to address.

“Energy is obviously a major concern for all of us at the moment and inflation continues to place increased pressure on management teams emerging from the shadows of Covid-19 and the complexities of Brexit.”

The survey includes 12 multiple choice questions that should take less than five minutes to complete, and one lucky winner will win a Formula E Scalextric set in December, with the results being published in January 2023.

For further information, call 0121 543 1900 or email nathan.sanghera@crowe.co.uk

Ends (466 words)

Contacts:

• Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, sherwood@crowe.co.uk

Notes to Editors:

About us
Crowe is a national audit, tax, advisory and risk firm offering global reach and local expertise. We are an independent member of Crowe Global, one of the top 10 accounting networks in the world. With exceptional knowledge of the business environment, our professionals share one commitment, to deliver excellence.

We are trusted by thousands of clients for our specialist advice, our ability to make smart decisions and our readiness to provide lasting value. Our broad technical expertise and deep market knowledge means we are well placed to offer insight and pragmatic advice to all the organisations and individuals with whom we work. Close working relationships are at the heart of our effective service delivery.

For more information, visit: www.crowe.co.uk

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Crowe industry recognition

• UK Member of one of the top 10 accounting networks in the world (International Accounting Bulletin World Survey 2021)
• Top charity auditor (Charity Financials Auditor Benchmarking and Charity Finance Audit Survey, 2009 – 2020)
• Ranked 5^th in the AIM auditors ranking by number of audits (AIM Advisers Rankings Guide, January 2022)
• 9^th largest audit firm in the UK (UK fee income of audit firms that audit PIEs – by fee income on audit, FRC Key Facts and Trends in the Accountancy Profession, Figure 33, July 2021)
• Risk Consultancy of the Year 2021 for the second consecutive year (InsuranceERM) – Crowe was recognised to be at forefront of two key areas of focus for insurers in 2020: operational resilience; and environmental, social and governance (ESG) issues, including climate change.
• Awarded Bronze for Accountancy Firm of the Year – Large (2020 Citywealth Magic Circle Awards)
• Global Mobility Provider of the Year (Global Payroll Awards 2020)
• Employment Tax Specialist of the Year (Global Payroll Awards 2019)