LONDON, June 26,
2024 /PRNewswire/ -- Britain's manufacturers are putting their
faith in the Labour Party to steer forward the sector - as 47% of
manufacturing leaders back Labour compared to just 26% backing the
Conservatives, and 8% backing the Liberal Democrats.
With the General Election just weeks away, a new poll released
today by software developer Medius finds that manufacturers
expect the Labour Party to not only be more supportive of the
sector, but to be best placed to help the sector overcome each of
its key challenges. Energy costs (45%), high inflation (45%), high
interest rates (35%), and supply chain disruptions (34%) were all
deemed by the sector to be best tackled by the Labour Party.
Although the manufacturing sector experienced growth in May for
the first time since April 2022,
manufacturers continue to favour a Labour government. This
preference aligns with the sentiments of business leaders across
various industries and the latest YouGov polls of the general
public.
With Labour coming out on top - the research confirms that
Conservatives have a mountain to climb if they hope to win over the
sector. Only 30% of manufacturers think the party has benefited
them over the past 50 years (followed by 48% thinking Labour has) -
and at the same time - the data finds a loss of trust in
Conservative campaigning with only 25% thinking the party will
stick to its election promises.
Overall, the research which surveyed 500 UK manufacturers found
a positive outlook for the sector, with the majority (57%) stating
the sector was growing, followed by 35% describing it as stable -
only 8% described the sector as in decline.
While overall sentiment from manufacturers is vastly in favour
of the Labour Party, all parties are expected to have their work
cut out to boost the economy. When asked what particular policies
they felt had benefited the sector in the past tax cuts (43%), free
trade agreements (38%), and infrastructure spending (32%) came out
on top. However, the top three were closely followed by skills and
labour- with 29% citing apprenticeship schemes, and 28% citing
strong trade unions as beneficial for the sector.
As Labour and Conservatives confirm their campaign pledges in
the run up to the election they're being closely watched by
manufacturers. A whopping 96% say they're closely following the
parties' campaign promises and policy proposals.
Paul Ellis, UK Director,
Medius says: "UK manufacturers are clear on which party
they're putting their trust in to steer the sector forward. It's an
important moment for the sector which has been battling with high
energy costs, high inflation and high interest rates over the past
few years - but as a sector, it has shown extraordinary resilience
and adaptability to return to growth this year. With all eyes on
the election and the party's policy proposals, it can be easy to
forget how the sector itself has responded to global economic
shifts and technological changes to boost productivity and emerge
stronger this year. I'm looking forward to seeing how the proposals
speak to business leaders in the sector."
For more information, please contact:
Dan Bird, Fight or Flight for
Medius
Dan.Bird@fightflight.co.uk +44 7885 670798 /
Medius@fightflight.co.uk +44 330 133 0985
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/medius/r/manufacturers-overwhelmingly-back-labour-ahead-of-snap-election,c4006789
View original
content:https://www.prnewswire.co.uk/news-releases/manufacturers-overwhelmingly-back-labour-ahead-of-snap-election-medius-302183091.html