According to a report published by the Institution of Mechanical Engineers and BDO (the business advisory and accountancy group), 69% of manufacturers think that overseas investment in UK manufacturing is helping UK companies, while just 13% believe that it is damaging the sector.

The annual Engineered in Britain report asked 1,000 manufacturers for their opinion on the current status of the sector in the UK.

Colin Brown, director of engineering at the Institution, said: “While individual take-overs need to be appraised on their own merits, these results show that UK manufacturers are keen to see more inward investment. UK manufacturing and engineering lies at the heart of a healthy economy; as long as these investments are being made to create UK jobs and exploit UK skills, we should welcome them as investments in the UK’s future.”

Tom Lawton, head of manufacturing at BDO (pictured), said: “The positive view of overseas investment from UK manufacturers reflects a very successful and long history of foreign companies investing in the UK, bringing huge benefits to employment, skills, investment and the continued development of intellectual property. In particular, the automotive industry in the UK provides a superb example of foreign investment that has supported and then developed world-leading manufacture, design and technology.”