Chemicals are the UK’s biggest manufacturing export, with £50bn of overseas sales a year. The sector directly and indirectly employs more than 500,000 people, and an increasing proportion of jobs are at the more skilled, value-adding end.
Chemicals companies in the UK are investing for the future. Some 90% expect to maintain research and development (R&D) spending, and 80% say capital expenditure and employment levels will remain steady or increase, according to an October 2019 member survey by the Chemicals Industry Association (CIA).
Perhaps worryingly, the CIA did question the optimism of its members. It drew attention to the fact that 38% of companies had seen sales fall (although that means 62% had enjoyed steady or increasing sales), and 40% had seen a decline in exports. It is to be noted that none of these recent megadeals involve UK chemicals businesses.
- Read the article for more information on strong headwinds and margin calls.
