London – The UK’s manufacturing sector is experiencing historic lows in investment, according to Justin Benson, UK head of automotive at KPMG.
“New products and ideas are not being invested in to the extent that they were three years ago,” said Benson – commenting on UK manufacturing data for June.
The highs the sector saw in the first quarter of 2019 were clearly to mitigate Brexit issues, according to the automotive market analyst.
Many companies, he explained, were stockpiling to avoid or reduce delays to lead times and to manage customer expectations.
“Right now UK manufacturers need certainty, however, at the moment there’s a high probability of a no-deal Brexit,” warned Benson.
UK manufacturers, he concluded, “need to start preparing for this eventuality, if they haven’t done so already.”