A new snapshot report “smashes the myth” that manufacturing jobs are badly paid, its authors have said, with an average salary of £32,500 – £3,500 above the average for the overall economy.
Transport manufacturing is a particularly lucrative sector, showed the UK Manufacturing: 2018/19 The Facts report from Santander and manufacturers’ organisation the EEF, with the average worker taking home £39,800 per year.
The sub-sector, which is “within touching distance” of overtaking food and drink as the largest, also overtook chemicals and pharmaceuticals to claim the top spot for R&D.
The electronics sector has seen the most growth in recent years, growing 13.5% from 2012 to 2017.
“Our latest data continue to show that UK manufacturing punches above its weight in some vital areas of the economy and contributes more than the sum of its parts,” said EEF chief economist Lee Hopley.
“This is reflected regionally, in productivity and pay levels, for millions of people working in the sector. It provides an important reminder that we’re still one of the top 10 biggest manufacturing nations, and we want to see policy makers working with industry to help move UK manufacturing up the rankings.”
After a year dominated by snowballing trade disputes instigated by Donald Trump’s administration and increasing fears of a ‘no deal’ Brexit, the report highlighted the importance of the US and EU to British manufacturing. The US is the single biggest destination for UK manufactured exports, at £43.1bn, while the EU has seven of the other 10 countries. China and the UAE complete the list.
The international distribution highlights the need to ensure minimal disruption to trade with the EU after Brexit, the EEF said.
“The UK is a strong exporter of goods with nearly half of all our international trade generated by the manufacturing sector,” said Paul Brooks, UK head of manufacturing for Santander Corporate & Commercial. “We are also delighted to see manufacturing output spread regionally across the UK with a thriving North West.”
source: IMechE