UK Manufacturing at Bottom of Table
According to this snapshot, customer demand is the greatest rising challenge to businesses in retail, wholesale, manufacturing and engineering. Both manufacturing and engineering sectors report the lowest levels of business confidence. 35% report customer demand as a rising concern. While it is secondary to regulatory requirements for most sectors, it is the primary challenge facing retailers and manufacturers.
According to the ICAEW who conducted the research, the most notable change to the challenges reported by businesses in Q3 2024 is the rise in the proportion citing the tax burden. In Q3 2024, 29% of businesses raised taxes as an issue, matching the historical high for this response. The rise was greatest in energy and water, with 44% citing tax as an issue, making it the most prevalent issue reported by businesses in the sector. This is likely to be linked to the increase in the energy profits levy to 38% from 1 November 2024.
Overall, across all industries, there is generally a high level of confidence. However, companies plan to slow the growth in capital investment and in R&D spending to below historical norms.
Get the full list of key points directly from the ICAEW website.
Driving Talent Acquisition for the Manufacturing Industry
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