Small Companies Play Their Part In UK Manufacturing Growth
25th November 2013
CBI Survey Reveals Highest Growth For 18 Years The UK's manufacturing sector is currently growing at its fastest rate for 18 years according to a survey by the CBI.
The CBI's Industrial Trends Survey analysed data from 350 businesses and found that orders relative to normal levels were at their highest level since 1995. The influential report also highlighted that export order books were also well above average. Stephen Gifford, CBI Director of Economics, said: -This new evidence shows encouraging signs of a broadening and deepening recovery in the manufacturing sector. Manufacturers finally seem to be feeling the benefit of growing confidence and spending within the UK and globally. -Both order books and the pace of output growth are the strongest they've been since 1995, and firms are expecting similar-paced growth over the coming three months as well. "But challenges remain. UK exporters need government support to break into high-growth export markets to reduce their vulnerability to any further Eurozone flare-ups." The findings by the CBI will be welcomed by the Government which is looking to rebalance the UK's economy towards manufacturing. Earlier this month the Office for National Statistics claimed that manufacturing output across the UK rose by 1.2 per cent between August and September 2013. This was also backed up by a EEF/BDO Manufacturing Outlook survey in September which found that 32% of companies across the UK reported increased output, up from 12% in the previous three months. Steve Beahan, partner at the Sheffield office of Irwin Mitchell, said: -These figures are very encouraging and are further evidence of sustained growth within the UK economy and in particular the manufacturing sector. -Small and medium-sized businesses have played a key role in these latest figures and it is vital that moving forward, these enterprises continue to receive the support they need. -A core aspect of this is having access to specialist legal advice which ensures that companies are ready to develop and are able to meet all that is expected of them as they employ more staff or invest in their projects."
