Kemi Badenoch hints at Brexit trade win with US state
Britain is now a world-leading global hub for manufacturing after leaving the European Union, a new report has revealed. And Brexiteers have hailed the findings as yet another example of why leaving the EU was a huge success.
The findings by Make UK, which represents British manufacturers, showed that confidence in Britain is growing after Brexit defying the claims by Remainers that it has harmed the economy are wrong.
The report said: "The majority of Britain’s manufacturers (52.7 percent) are now viewing the UK as a more competitive place to locate their activities, compared to just 31 percent one year ago. While less than one-fifth (16.6 percent) believe the UK is not a competitive place in which to manufacture."
The survey is the latest example of Brexit putting Britain back on the front foot following a string of trade deals around the world, not least the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) with 11 major economies.
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David Jones has warned a Labour goverment would put Brexit gains at risk (Image: Getty)
Former Brexit Party MEP John Longworth, now chairman of the Independent Business Network (IBN) said: "It is becoming increasingly clear that not only is Britain’s world-class service sector doing well post Brexit but that our manufacturing sector has recovered strongly from the effects of Covid lockdowns and looks as if it may grow as a proportion of GDP for the first time in many years.
"The extension of allowances for investment has been a boost but the Chancellor needs to do more on deregulation, corporation tax and EIS/CGT the latter particularly to encourage innovators.
"The Bank of England now needs to start to cut interest rates and most of all, along with the OBR, stop being doomsayers as they are holding back growth."
But there have been warnings that a Labour government under Sir Keir Starmer would put gains at risk.
Ex-Brexit minister David Jones told Express.co.uk that the survey showed the UK is beginning to take advantage of its new Brexit freedoms.
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John Longworth is a Brexit campaigner (Image: Getty)
Mr Jones said: "This shows that post-Brexit, the UK is taking advantage of its increased flexibility to attract inward investors from around the world, while the EU continues to expand anti-competitive regulations that make it much harder for businesses to succeed.
“It also shows how disastrous a Labour government would be. Both Keith Starmer and shadow Foreign Secretary David Lammy have said they want closer ties with the EU, which would very likely include signing up to Single Market rules.”
Commenting on the survey, Stephen Phipson, chief executive of Make UK, said: "The last few years have been a rollercoaster of emotions for manufacturers, yet they have more than demonstrated their resilience time after time.
"We are now seeing some hope that conditions may be improving, amid a more supportive and stable policy environment, but this must be cemented within a long-term industrial strategy.
"While undoubted challenges remain, the accelerating use of digital technologies, our strength in innovation and expansion into new markets sets the scene for manufacturing to be at the heart of efforts to boost growth."
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Cara Haffrey, leader of manufacturing at PwC, added: "After what has been a rocky few years for manufacturers, it seems there is a cautious optimism in the air.
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"In fact, our research showed that in the year ahead, more than half of them are planning to seize opportunities in new products, with more than a quarter (27.3 percent) hoping to explore uncharted territory, and expand into new markets.
"For many, despite January's to-do list likely looming large, as the headwinds of sustained economic challenges, geopolitical instability, and steep employment and energy costs continue, the horizon seems brighter."
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