A national manufacturing specialist based in the West Midlands has cautioned companies in the region not to give too much weight to reports that growth in the UK manufacturing sector is slowing.
Johnathan Dudley, Midlands Managing Partner and Head of UK Manufacturing Business for national audit, tax and advisory firm Crowe Clark Whitehill, was commenting on reports that appeared to show a slowdown nationally in August.
He said: “I think we sometimes need to remind ourselves in the West Midlands that the glass is half full rather than half empty.
“Our resilience is based not just on the success of Tata turning Jaguar Land Rover into the remarkable success it is, but on a far deeper economic base.”
He added that nervousness in the financial markets about the vote on Scottish independence and an impending General Election next year had introduced an unwelcome air of uncertainty into business planning with a knock-on effect on confidence.
“Whatever the result of either vote, it is reasonable to assume that our grounded economic revival is set to continue.
“Although some of the more sexy service industries often make the headlines, the penny has finally dropped in Whitehall that manufacturing is still the engine room of the economy.
“Whatever the result of the Scottish vote, or the result of the General Election, those in power will want to see the economic upturn fostered and supported,” he said.
Crowe Clark Whitehill runs an increasingly popular Manufacturing Business Network which next meets at the firm’s Midlands office at Black Country House, Oldbury, on Thursday, October 9.
Mr Dudley said: “The anecdotal evidence from our members is that manufacturing is still resurgent in this area, based not only on the knock-on effect from the success of Jaguar Land Rover but also on members’ own efforts to source and fund their growth into new markets, notably in exporting.”
But he stressed the need to make best use of the funding available, whether it be in grants or soft loans.
“Earlier this year, the Manufacturing Business Network heard from the horse’s mouth how Thomas Dudley Ltd had made the most of their ability to apply directly for a Regional Growth Fund grant, and other Midlands manufacturing businesses need to consider whether outside funding will help them achieve their plans.
“Close to home, the Black Country LEP has an Access to Finance service that can help you identify what is available to your business and we can help to steer you through the process,” he said.
“There is support for investment in equipment and premises, innovation support and loans towards property and land.
“Help is not just available in the Black Country but across the wider West Midlands regions, including the shire counties.
“Schemes such as the Business Innovation Programme and Green Bridge are available throughout the region, and it is well worth taking the time to find out more about them,” said Mr Dudley.
And he said it was especially important for investment-heavy industry sectors such as manufacturing to focus on the longer term, rather than react to short term concerns.
“Elections come and go, and whatever the result, or whoever is elected, the economy will remain the key issue on the agenda,” he pointed out.
