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Figures have recently been released which reveal that the manufacturing industry has had its worst quarter during the last three years. According to one business adviser, manufacturing companies in Yorkshire are facing a bleak future. The last quarter of 2011 saw the number of businesses looking to recruit staff drop to just two percent, from the previous figure of 30 percent. According to accountants BDO, it is possible that businesses will cut numbers of employees in 2012.

However, there is still some hope as the government has recently launched a number of new initiatives which are designed to encourage innovation and promote opportunities in exportation. Partner and manufacturing specialist at BDO, Jason Whitworth said:

“In 2012, we expect that the government will continue to focus attention on the rebuilding of manufacturing. But in order to emphasise the importance of this sector to economic recovery and to enable long-term sustained growth, the government must develop a clearer and more explicit medium to long-term framework and strategy for the sector.”

Whitworth added that an increased focus on manufacturing is essential for economic growth. Chief executive of the Forum for Private Business, Phil Orford stated that the main obstacles for businesses in 2012 would be the lack of affordable business finance, an increased number of late payments, problems in the Eurozone and the escalating cost of business. Combined with red tape and a complex taxation system, business confidence and cash flow would be adversely affected. However, he did reveal that over 25 percent of their members were planning to expand in the next six months.

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