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UK must reinvent its economy to sustain recovery

Manufacturing best sector to lead return to growth, new survey finds

The UK needs to reinvent its economy to sustain recovery from recession, people believe. In contrast to pre-recessionary thinking, Manufacturing is seen as the sector best positioned to lead the return to growth, according to the study from Keep Britain Working (Monday 8 March 2010).

Independent campaign group Keep Britain Working was set up last year to help retain jobs and create new ones. And more than 4 in 5 (83%), from their survey of over 1000 people, believe that economic reinvention is a necessity to secure the UK’s economic recovery.

When asked to cite the one sector that will lead the UK back into growth Manufacturing comes top of the list, chosen by 1 in 5 (21%). Sectors which previously led the pack follow behind, with Financial Services picked by 19%, Business Services by14%, Retail by 9% and IT by 7%.

When it comes to their own careers, people are considering different options. During the recession more than 3 in 4 people (76%) thought about switching job sectors for better prospects. And with confidence beginning to return, people are now taking active steps to make such career-switches a reality.

The Public Sector tops the list of choices of the ideal job sector to move to, chosen by 14%, with areas such as Financial Services, Business Services, IT/Telecoms and Marketing and Creative following close behind. Manufacturing is surprisingly low on the list, picked by only 4%, in spite of optimism about the sector’s growth prospects. Clearly companies poised to make the most of new opportunities as growth returns will need to work hard to attract the talented people.

James Reed, Founder of the campaign and Chairman of recruitment group Reed, says:

"Across the UK people believe that economic reinvention is essential to secure recovery. They are actively considering making changes in their own career plans, with many seeking to switch to a completely new sector for better prospects.

"As confidence begins to return, employers need to work hard to attract the talented people they need to fuel their future success – and our economy’s sustained recovery."

"At Keep Britain Working, we are calling for people to add their ideas about how best to reinvent and balance the economy, which we will present to the UK’s three main political parties before the next election."

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