Quality, loyalty, and confidence are the three key factors UK manufacturers consider when choosing suppliers, according to new research by Barclays.
The bank says there is also a strong feeling among UK manufacturers that “British is best”.
Almost two thirds of those surveyed source commodities or components for their products from the UK rather than abroad and more than half produce goods that are sold to a UK end user or used as components elsewhere in UK production.
Many manufacturers still fear the risks of global trade outweigh the opportunities. When asked what deters them from trading overseas a third say they simply prefer to source from the UK, one in five say they are worried by currency risks and one in 10 fear goods or payments won’t arrive at their destination.
Barclays Corporate Banking’s Sheffield-based head of manufacturing in the North, Chris Forrest, said: “There is a clear sign of patriotism amongst UK manufacturers as values, loyalty and confidence hold firm with proximity being seen as a key driver.
“Given the current economic climate, a focus on domestic strategies and procurement is understandable. However, manufacturers must not be afraid to play a lead role on the global supply chain stage.”