English food and drink industry poised to create 66,942 new jobs in five years: Lloyds study

A new study by Lloyds Bank Commercial Banking has revealed that food and drink sector firms in England plan to create as many as 66,942 new jobs over the next five years.

The report says that the food and drink industry, which generates an annual turnover of about £92bn and employs around 400,000 people, is open to investing, innovating, creating employment opportunities and expanding across the world.

English producers of alcohol, fresh produce and food and drink products were a part of the survey, which was undertaken to study the opportunities and challenges that are faced by these companies.

The report revealed that 98% of respondents expect to grow over the next five years. 77% plan to take active steps to grow by developing new products, and 70% said that they wanted to enter new markets and create new jobs.

Most of the firms (76%) will target new markets in western Europe, with 54% seeking business in the Far East and Asia. About 49% will seek new markets in the Middle East.

More than half of the respondents said that they needed to invest in their current production facilities to grow while 40% said they needed access to finances to grow.

Lloyds Banking Group regional director, head of manufacturing, mid markets David Richardson said, "England’s food and drink industry weathered the recession well and has the same optimism and tenacity that has underpinned its success so far. The report paints a positive picture for the long-term – this is an innovative and ambitious industry set to create a huge number of employment opportunities."