Value of Services Prevails Over Manufacturing

The service industry is a critical component of the economy, accounting for approximately 81% of total economic output and 82% of employment in the UK. It encompasses a diverse range of sectors, including retail, finance, public services, business administration, leisure, and cultural activities, illustrating its extensive influence. Despite widespread concerns about the performance of the manufacturing sector, which constitutes only about 10% of the economy, the focus on boosting manufacturing investment overlooks the significant impact of the service industry on economic health. This disparity highlights the sometimes misguided nature of discussions surrounding economic improvement.