A new survey suggests that mid-size British manufacturing firms are generally in favour of remaining part of Europe – albeit with concessions.
The poll showed that about 60 per cent of Britain’s mid-market manufacturing firms are in favour of staying in the European Union.
Of the companies surveyed, 59 per cent said they wish to stay in the EU under the proposed new terms, while 67 per cent believed that leaving the EU would make it harder to run a successful business.
The survey, which focused on firms with an annual revenue of between £10m to £300m, found that while the arguments for and against a so-called ‘Brexit’ are much the same for mid-sized companies as they are for other manufacturing outfits, there’s a danger that this crucial sector is being overlooked.
The broad cross section surveyed accounts for an estimated 80 per cent of the UK’s manufacturing businesses. Combined, they create one in four private sector jobs and account for around a third of the UK’s total revenue (over £1 trillion a year), according to the survey’s authors, yet make up just one per cent of all UK companies.
Despite being in favour of staying, mid-market firms do want further changes to the EU, the survey suggests. When asked what other reforms they would like to see, 73 per cent of firms cited less red tape. In particular, those polled wanted to see regulatory off-setting with every new regulation adopted leading to one existing EU regulation removed.
For more information on how we can assist manufacturing businesses in the West Midlands, and further afield, call our Halesowen office on 0121 550 9916 or our Worcester office on 01905 330399.