21 August 2015
"July’s growth in UK manufacturing is to be welcomed, but it is a cause for concern that British firms are failing to achieve export growth. Eight out of 18 sub-sectors in the recent CBI Report – including mechanical engineering and metal manufacture – supplied below average export figures, revealing that Britain’s manufacturing industry must do more to capitalize on the opportunity for growth overseas. Far too many firms fail to build on the UK’s status as a world leader in shaping best practice standards for business and industry that differentiate high performers, from the rest of the market.
Standards are a key driving force in increasing productivity, enhancing export potential and raising the UK’s GDP. These are not simply bold statements but are backed up by independent research which has examined the habits of businesses of different sizes and sectors across the UK, with standards supporting an average of 3.2% of additional UK exports per year and contributing to £6.1bn in 2014. The evidence shows that even in this tough economic climate, businesses who are willing to continually improve their processes, develop their people, and seek to provide assurance for their products and services, can and will grow – not just in terms of market share but also in reputation and trust."
For further information on the economic benefits of standards:
Download report: The Economic Contribution of Standards to the UK Economy (PDF)
Download summary: How standards benefit businesses and the UK economy (PDF)