Janet Mui, Investment Director at Brewin Dolphin, took to the Backing Britain Live virtual stage today to give guests an insight into their economic outlook on the manufacturing sector in the UK. More specifically, COVID-19 recovery, the impact on manufacturing in the UK and the impact on supply chains. The general outcome was that a re-think in the supply chain is in focus, however, is not completely down to COVID-19.
Around 50 Manufacturers and businesses alike gathered today to find out what leading Investment Director Janet Mui had to say about the financial outlook of manufacturing in the UK. This has become of significant importance to most after COVID-19 has caused severe damages to the economy.
By making manufacturers aware of this outlook, they can become more prepared for what the future may hold. One attendee asked Janet, “How much do you think Sustainability and Green issues will have an impact on businesses going forward in terms of growth, investment and recovery?”
The presentation lasted for around 45 minutes, which included a 15-minute dedication to any attendee questions. The event was called “Made ‘BUY’ the Midlands - The shrinking Supply Chain”, in which it lived up its name perfectly.
The conclusion of the event highlighted that a wave of re-location or re-shoring is unlikely, however, there are companies reviewing options and strategies. In addition to this, figures found that most businesses are still reluctant to relocate or re-shore production.
However diversification of supply chain looks to be positive in comparison to re-shoring, and as predicted COVID 19 is likely to increase trends towards automation and artificial intelligence. Janet continued:
“There is increasingly more focus on sustainability, technology and automation post-COVID-19. We think all of these trends will accelerate, which will be crucial in the future of our manufacturing.”
In terms of the supply chain, Janet believes the geopolitical tension with China is also likely to have an effect on the global supply chain.
Watch Janet’s speech back by heading to https://lnkd.in/dZfFVru.