The impact of coronavirus on supply chains in 2020/21 has been immense. What started as a problem for China rapidly evolved into a global catastrophe, with supply chains experiencing considerable disruption due to trade restrictions and material shortages.
The impending corporation tax hike from 19% to 25% for businesses reporting profits of £250K or more was one of the less welcome changes brought in by the 2021 budget and met with a mixed response from the business community. The changes come into effect from April 2023, with corporation tax being applied on a sliding scale, from 19% on small businesses filing £50,000 or less in annual profits, to the full 25% on everything in excess of £250,000. Many businesses were critical of the move because, like many tax increases, the bulk of the burden is likely to fall on successful SMEs rather than large corporations, with the risk of the 6% hike deterring investment in growth at a time when it is sorely needed.
Encouraged by the success of the vaccination programme, businesses are looking forward to a safe and rapid transition away from lockdown and social distancing, back to normal working practices. However, even the most effective vaccination measures leave gaps through which vulnerable people may be infected, and although being vaccinated should stop you becoming ill, the extent to which it prevents you transmitting the virus to others is still unknown.
2020 was a year of great uncertainty for the UK’s manufacturing sector, but the year proved that the sector will prevail, with businesses becoming increasingly accustomed to finding workarounds to obstacles and prioritising collaboration over competition. So, in 2021, what will be the main manufacturing trends to look out for?
In a post-COVID-19 world, the nature of global manufacturing supply chains will have to change substantially to be sustainable. Growing concerns about the environment, the role of the national economy in day-to-day life, and national unemployment also mean that businesses are beginning to shift their priorities when it comes to how they want to manage their production.
The Corona virus crisis has highlighted how important it is for us all to work together - albeit at a distance. In British manufacturing, this has meant pooling our collective knowledge and resources across hundreds of miles and awkward, rolling restrictions on movement to create the best possible response to the biomedical engineering challenges created by the pandemic. Complex, vital machines, such as ventilators, brought together experts from sectors as varied as precision automotive engineering and clinically rated metal finishing in response the call to action from the Government and the need of the whole population.
This is a company that was set up for UK manufacturers to come together, to innovate as allies and to build networks closer to home.
And we are loving their new term for our wonderful engineering and manufacturing heroes – collaborationeers!
How perfectly this describes us all after the events and amazing achievements we’ve witnessed across the widest range of businesses and industries in response to the Covid-19 crisis.
For the last few months, we have been enjoying and applauding this new ethos of collaboration over competition - and this fabulous concept gives us the platform to harness the recent enthusiasm and recognition for UK manufacturers and manufacturing across the UK.
The last few months have been a time of seismic change for manufacturing industries across the globe. Despite the dark days of uncertainty, beams of hope have illuminated a future filled with potential. Here are some stand-out moments that show how companies have adapted to change.
Are you concerned about the practicalities of re-opening or continuing to trade safely after lockdown? If you’re feeling bewildered about the dates, the regulations, and the potential impact that everything will have on your business, you’re not alone.
Like most people in the UK, we breathed a sigh of relief last week. Although most restrictions are still in place, the atmosphere has changed. Businesses are becoming more optimistic and forward-looking, and are springing into action again across the country. It’s great to see.