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The impact of the general election on UK manufacturing
< Blogs < The impact of the general election on UK manufacturing
New bills are passed every year in the UK, usually with the goal of driving economic growth and supporting certain industries. One of the main areas that typically gets affected is the manufacturing sector. As professional metal spinners, we are constantly working with companies involved in manufacturing, whether it’s to provide metal spun parts, create prototypes, or apply metal finishes. Understanding wider changes to manufacturing is important to allow your business to adapt and maintain output levels.
How politics can influence manufacturing
New government policies and laws often have far-reaching effects in various areas of the economy. When it comes to the manufacturing sector, impacts can come from multiple locations due to how interconnected it is. For instance, a policy affecting trade with other countries could impact UK manufacturers with international supply chains. Politics has the potential to impact even the most efficient processes, including metal spinning. Other examples of laws that could have an impact in manufacturing include:
- Subsidies
- Industrial strategies
- Regional policies
- Reform to existing laws
What Labour’s win means for UK manufacturing
When Labour won a landslide election victory on July 4th 2024, it signalled that many of the pledges made in the party’s manifesto would become a reality in the next few years. The following are the key takeaways for manufacturers.
A total of £7.3bn will be put aside to invest in British businesses. Much of this investment is intended for infrastructure, such as ports, renewable energy, ‘gigafactories’, and the expansion of the UK steel industry. The latter in particular, is likely to provide support for manufacturers by making it easier to access raw materials. This injection may also impact other industries which utilise manufacturing, such as the UK automotive industry, leading to an increased demand for certain parts. For instance, dished end manufacturers.
Labour has promised a strategy to provide greater financial stability for manufacturing businesses. One policy we know about at the time of writing is the cap on Corporation Tax of 25%. This strategy will be combined with an investment in high-skilled apprenticeships and training opportunities to create talent that is well-suited to manufacturing.
The new Plan to Make Work Pay promises to implement extensive reforms to workers’ rights. Included are protections against unfair dismissal, more flexible working options, better parental leave, the banning of zero-hours contracts, and more. While these changes are intended to support workers and increase productivity, the plan will change the way manufacturers will have to work with third party businesses and contractors.
Metal spinning UK – manufacturing support
The team at Tanfield Metal Spinners consists of experts with a deep understanding of manufacturing. This experience, combined with our 35,000 sq-ft facility and massive tooling stock, gives us the capabilities to support a wide range of manufacturing projects. Contact us to receive a quick quote. We aim to be responsive in all the services we provide, from bespoke metal spinning and finishing, right down to a straightforward metal pressing run.
