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Manufacturing Pumps £108 Billion A Year Into Economy

Tuesday, June 6, 2017

 

 

Manufacturing pays more than double the total wages into the economy than the financial sector, figures show.

GMB, the union for manufacturing workers, is calling for the sector to be protected post Brexit as new statistics show manufacturing pumps £108 billion a year into the economy.

The figures emerge as GMB discussed a workers' Brexit at their 100th Annual Congress in Plymouth today.

The data comes from the ONS and shows manufacturing pays almost double the total wages into the economy than the financial sector does (£63 billion). [See note 1 for breakdown by region].

In 2016 there were 2.6 million UK workers employed in manufacturing – compared to 1 million in financial services [2], yet the financial sector is overwhelmingly the focus of Brexit discussion.

GMB says manufacturing should be given the same post-Brexit care and attention from the Government as the financial sector appears to have.

Tim Roache, GMB General Secretary, said:

"These figures show how absolutely crucial UK manufacturing is, it's jobs and livelihoods but it's also a real money-spinner for the economy.

"There's lots of talk about the City of London, well manufacturing contributes twice as much to the economy in wages.

"Whoever forms the next Government needs to act straight away not just to protect our 2.6 million manufacturing workers, but to create new skilled jobs in the sector and it's supply chains.

"That's the sort of Brexit working people need."

ENDS

Contact: 07958 156846press.office@gmb.org.uk

Notes to editors:

[1] Manufacturing sector wages versus financial sector wages by regions:

Wages paid in 2015 (£ms)     Employment in December 2016
                 
Region Manufacturing Financial and insurance activities Manufacturing to financial services ratio*   Region Manufacturing Financial and insurance activities Manufacturing to financial services ratio*
East 10,181 2,713 3.8   East 220,000 67,000 3.3
East Midlands 11,007 1,272 8.7   East Midlands 288,000 40,000 7.2
England 89,961 57,264 1.6   England 2,199,000 939,000 2.3
London 4,471 33,549 7.5   London 130,000 360,000 2.8
North East 4,970 910 5.5   North East 117,000 26,000 4.5
North West 14,806 3,544 4.2   North West 317,000 84,000 3.8
Northern Ireland 3,104 729 4.3   Northern Ireland 87,000 20,000 4.4
Scotland 9,348 4,331 2.2   Scotland 179,000 86,000 2.1
South East 12,335 5,737 2.2   South East 279,000 139,000 2.0
South West 9,368 3,409 2.7   South West 237,000 80,000 3.0
Wales 5,737 980 5.9   Wales 159,000 29,000 5.5
West Midlands 12,335 2,706 4.6   West Midlands 317,000 61,000 5.2
Yorkshire & Humber 10,488 3,424 3.1   Yorkshire and The Humber 294,000 81,000 3.6
                 
United Kingdom 108,150 63,304 1.7   United Kingdom 2,623,000 1,074,000 2.4
                 
ONS, Regional gross value added (income approach) - Table 7, 15 December 2016   ONS, Workforce jobs by industry (SIC 2007) - seasonally adjusted
https://www.ons.gov.uk/economy/grossvalueaddedgva/datasets/regionalgrossvalueaddedincomeapproach   Retrieved from the Nomis data query service on 30 May 2017  
         
                 
* Ratios are inverted for London              
       


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