Barometer | Manufacturing Growth Programme

Barometer

Manufacturing Barometer

The Manufacturing Barometer maps confidence, trends and opinions from within the manufacturing industry where the findings are used to help lobby local and national Government to ensure that SME manufacturers are receiving more of the right support they need to grow within an ever competitive environment.

Each quarter the survey looks at a ‘special focus’ relating to current news or activities from within the sector and/or economy.

 

COVID-19 Contingency Plans

 

SME manufacturers need urgent financial support as job losses loom amid Coronavirus crisis

The latest Manufacturing Barometer highlights lack of confidence in Government support with sales, profits and production volumes set to fall among SME businesses

Small to medium-sized manufacturers are calling for greater and faster financial support from the Government as they confront plummeting sales, production volumes and the prospect of job cuts amid the ongoing COVID-19 pandemic.

The latest Manufacturing Barometer, which surveyed over 600 firms across England, reveals a stark picture of how the virus is affecting industrial confidence, with almost 9 out of 10 respondents predicting a drastic decline in production volumes and a similar number (85%) expecting sales to drop over the next six months.

Conducted by South West Manufacturing Advisory Service (SWMAS) and the Manufacturing Growth Programme (MGP), the report also shows that 55% of firms believe they will need to cut jobs between now and October, despite the business grants on offer and the furloughing scheme designed to boost employee retention.

Unsurprisingly, over 80% of respondents have seen an impact on staff attendance and supply chains due to the Coronavirus outbreak, with HR, importing, and exporting also affected to a lesser degree.

The overwhelming majority of the manufacturing SMEs surveyed (84%) say they require urgent financial support to get through the current climate, with only 16 percent confident that Government is doing enough to help the sector cope with the pandemic. One in four manufacturers also highlighted the need for supply chain support, whilst 22% are looking for help with risk management and strategic planning.

This survey collected responses from SME manufacturing businesses between 25th March and 17th April.

Download the National Manufacturing Barometer report here: Spring 2020

Regional Manufacturing Barometer reports;
East Midlands
West Midlands
South East
Yorkshire & Humber