The stunning update comes from The Manufacturers’ Organisation’s annual analysis of the sector. They found that the UK is now the “ninth largest manufacturing country in the world” with a bumper £31billion being invested each year. The report adds that The UK exports globally, with the top countries being the US (£43.2billon), Germany (£32.4billion), The Republic of Ireland (£21.6billion) and the Netherlands (£19.7billion).
Compared to other countries, the UK was found to be 10th for the export of goods, fifth for the import of goods and second in service trade.
That, according to the experts, makes the sector worth £183billion.
But it is not just the UK economy reaping the benefits.
Manufacturers in the UK were found to be making, on average, £35,277 a year, compared to the UK average of £31,447.
The Manufacturers’ Organisation found that 2,5 million jobs have been created in the industry, with workers being paid 12 percent more than the whole economy.
Sharing the news on Twitter, Science Minister George Freeman commented: “The UK doesn’t manufacture anymore, right? Wrong.”
And others appeared to agree.
Twitter user @snpwatch noted: “Absolutely. Manufacturing has been booming since April 21 in particular. Factory after factory being built or expanding.”
Rajeev Jain said: “Very nicely mentioned. Trust UK to retain its manufacturing ecosystem.
And Mark Samuels added: “One of the UK’s little-known manufacturing successes is how many generic medicines we make: of the 2.2 million generic drugs used by the NHS every day, around 500,000 are manufactured in the UK.”
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The start-up is expected to have a significant impact on the UK’s electric vehicle industry, as the presence of a battery manufacturer would incentivise EV producers to manufacture their vehicles here.
Speaking to Express.co.uk, Graham Hoare, the President of BritishVolt, spoke about the incredible impact the gigafactory would have on the North East’s economy, along with the UK.
He said: “The gigafactory is a significant investment in the North East, it’s about £4billion of investment.
“It’s going to produce sustainable, customised or tailored cells that better what customers of the future are going to require from their cars.
“Those cells are primarily targeting two sectors. Sports car sector and the commercial vehicle sector.
“The investment in the North East will generate about 3,000 direct jobs and a total of 8,000 across the country, and that’s in addition to the activities in the recycling part of the business.”