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Third of British firms 'to source more locally' Third of British firms 'to source more locally'
(3 months later)
One third of British manufacturers that use overseas suppliers say they expect to buy more UK-made components over the next five years, according to a report into the phenomenon of "re-shoring" in the sector.One third of British manufacturers that use overseas suppliers say they expect to buy more UK-made components over the next five years, according to a report into the phenomenon of "re-shoring" in the sector.
Companies are contending with rising costs in overseas markets such as China, said the inward investment group Business Birmingham. Half the manufacturers it polled plan to boost UK production capacity in the next five years and of those 56% say they are likely to hire more staff.Companies are contending with rising costs in overseas markets such as China, said the inward investment group Business Birmingham. Half the manufacturers it polled plan to boost UK production capacity in the next five years and of those 56% say they are likely to hire more staff.
Wouter Schuitemaker, Business Birmingham's investment director, said: "Re-shoring can help us rebalance our economy, create new jobs and cut our trade deficit."Wouter Schuitemaker, Business Birmingham's investment director, said: "Re-shoring can help us rebalance our economy, create new jobs and cut our trade deficit."
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