UK is a highly volatile economy in terms of uncertainty in investment and production output due to Brexit's impact. However, the country has a significant value in the export of goods and services. The country has shown a significant rise in manufacturing operations, including food & beverage, machinery and equipment, and chemicals. Since the 2008 recession, the recovery of the manufacturing industry significantly relies primarily on four industries, such as the production of food, repair of machinery, motor vehicles, and other transport equipment.
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As per the Office for National Statistics (ONS), the total value of product sales by UK manufacturers was $500 billion in 2018, an increase of 0.8% from 2017. The production of food products division is constantly making a significant contribution, led nearly $91 billion to total UK manufacturers’ product sales in 2018. In addition, the production of machinery and equipment increased by 1.8% and reached nearly $36 billion in 2018. This has led to increased sales from the production of machinery for construction, mining, and quarrying industry. The global demand for machinery and equipment by UK manufacturers continued to increase, which is primarily contributing to drive the UK manufacturing sector.
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Based on industry classification, the report is segmented into automobile, food & beverage, machinery, electrical and electronics, aviation, BFSI, retail, healthcare, and others. A major slowdown in automobile production has been reported due to the effect of COVID-19. Many automobile manufacturers have shut down their automobile manufacturing facilities due to the coronavirus outbreak. For instance, Jaguar Land Rover Automotive PLC, a part of Tata Motors, suspended its production facility in line with the government advise to reduce the spread of coronavirus. The global automobile companies with their operations in UK, including BMW, Toyota, and Honda declared they have temporarily shut down their UK factories due to the coronavirus pandemic. This would result in a weaker production of automobiles in the country.
UK banks are focusing on reviving their economy by offering support to businesses. During a special meeting of the Monetary Policy Committee (MPC) on 10th March 2020, the Bank of England declared to reduce Bank Rate by 50 basis points from 0.75% to 0.25% to counter the economic shock following from the coronavirus effect. A low rate offering by Bank of England rate will encourage people to borrow money. These measures will support to keep firms in business and save employment and support avoiding longer-lasting economic harm.’
Key companies operating in UK whose business operations are significantly affected due to COVID-19 include Associated British Foods plc, British Airways plc, Tesco PLC, Rolls-Royce Holdings plc, and Dyson Ltd. As a result of the COVID-19 epidemic, on 22nd March 2020, Associated British Foods plc have closed all of its stores in UK, which represented 41 of its sales.
Verticals Affected Most
• Automobile
• Food & Beverage
• Machinery
• Electrical and Electronics
• Aviation
• BFSI
• Retail
• Healthcare
• Others
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