Almost 100,000 jobs will be created in the food and drink sector over the next five years as firms seek to cash in on the more competitive exchange rate to boost exports. According to research published today in the The Food and Drink Report 2017, from Lloyds Commercial Banking. It found that the proportion of manufacturers investing to secure new international customers has risen from 55% to 69% over the past year. More than a quarter of food and drink firms said they planned to export for the first time in the next five years.
This is a case of “because of Brexit” rather than “despite Brexit”. Food and drink firms are optimistic with more ambitious growth plans than they had last year, forecasting growth of 21% of turnover over the next 5 years – up from 19 % this time last year and 16% in 2015. Workers in the sector will be pleased that 48% of firms expect wage costs to rise.