High Tech Manufacturing Index Report
Learn what UK high tech manufacturing executives envision as their role in the future of the English economy. Download GE's High Tech Manufacturing Index Report to learn more.
Key Elements to High Tech Industrial Growth in the UK
In a survey commissioned by GE, 400 senior executives from high tech manufacturing companies were asked about their opinions regarding their companies' roles in the future of the English economy. In these in-depth interviews, executives were asked about their positions in both the English and worldwide marketplaces. The executives were asked about their confidence in their companies, the economy, and the hurdles that could prevent them from succeeding. The findings showed that while executives in the UK were highly confident about their current performance and the high tech manufacturing industry in general, they were worried about the UK's standing as an economic leader in the next 10 years.
UK executives were generally positive about the overall growth of the economy. Many felt positive about their company's place in their sector; even as they thought conditions for their wider sector were not as strong.
Worries about International Competitors
The survey shows that UK high tech manufacturers are looking to expand further into the global market. Of the tech manufactures surveyed:
- 82% were involved in international business through trade
- 35% were looking to expand or were already selling into a worldwide market
However, this expansion will lead to more direct competition from other countries. For instance, those surveyed felt the UK would be surpassed by India within five years. Others noted that they felt in ten years the UK would be ninth in global manufacturing league tables, down from sixth place right now.
Growth Barriers
When asked about barriers toward growth, the surveyed executives mentioned several problems:
- The nation's current economy
- Skills gap among UK employees
- Rising costs of operations and raw materials
- Accessing enough capital
UK's High Tech Manufacturing
Learn more about the results of this survey by downloading the GE's High Tech Manufacturing Index Report now.