According to a recent announcement by the Office for National Statistics (ONS) the UK are doing really well in manufacturing industry. Most people assume that the UKs reliability for manufacturing has fallen since the 1970s when the number of people employed in the manufacturing industry started to fall, but that is not the case at all.
Joe Grice (ONS’ chief economist) recently gave a talk in London and he showed statistics that proved the UK manufacturing industry has risen by nearly 3% a year, every year since 1948. Yes it is true that the number of jobs in this type of industry throughout the UK has lessened, but with workers now more skilled and experienced, work efficiency levels are much higher. We now have access to better technology and machines that work much quicker, which has given the manufacturing industry a much needed boost.
With scare tactics telling us that manufacturing is on the decrease it is easy to assume that trade finance are due to become obsolete too. However as these statistics show manufacturing is actually more efficient than ever throughout the UK so trade finance and export finance are still both viable trading options and something that should be considered.
Trade Finance Global has an experienced team of funders and brokers who specialise not just in manufacturing and construction finance, but also all export finance which is needed by many UK companies. Get in touch to find out more, or speak to our team to find out how we can help you.