Following the recent economic hardships that many European countries have experienced in recent years, it has emerged that many of them have managed to recoup and regain optimal states of economic prosperity. The UK's economic recovery and economic growth has been singled out by experts who have suggested that the nation's economic aspects are particularly impressive. Of all the many economic aspects though, the manufacturing industry was highlighted for its efficiency.
A study that focused on the world's 25 lead exporting nations indicated that the UK is cheapest place to manufacture in Western Europe. The research, which was carried out by the Boston Consulting Group, showed that local manufacturing companies faced cheaper operating costs when compared to their counterparts in nations like France and Germany. A combination of constant increase in productivity and drastic improvements in cost competitiveness has contributed towards the reasons why Britain is better than its European rivals.
While the UK was enjoying these favourable changes, fellow countries like France, Belgium and Italy all experienced a dip in productivity growth. The experts behind the study used the US as a benchmark, as they are one of the leading global manufacturers. Average costs of manufacturing in the UK were only 9% more than the US, while costs in France and Germany were 24% and 21% higher than the US respectively.
Other figures showed that some of the UK's rival nation's global competitiveness in manufacturing followed noticeable increases in wages. This study by the Boston Consulting Group will certainly give the UK's economic growth a boost, as investors will seek to benefit from the efficient local manufacturing industry. As a company that operates within the manufacturing sector specialising in designing springs, we at European Springs welcome this economic growth.
Many companies like us have expended endless amounts of effort over the past 10 years, not only for our company and for clients' benefits but also for the nation's economic prosperity. All of our clients are aware of the top quality products that we manufacture, ranging from the compression springs to more specialist products like gas springs. If you wish to know more about the services available here, please do not hesitate to contact us on 0208 663 1800 today.