EEF Survey Shows Optimism Among UK Manufacturers

UK Manufacturers optimistic about growth

According to industry body, the EEF, UK manufacturers are confident about their growth prospects over the next three months, more so than at any other time since the financial crisis.

In their latest quarterly ‘Manufacturing Outlook’ survey of 275 firms, completed during April and May, the EFF found over a third (34%) of manufacturers expected their output growth to improve in the next quarter.

It seems that Government policy around manufacturing is creating an environment in which companies in the sector are confident enough to commit to future investment, reflected in plans to recruit and invest in capital.

Lee Hopley, EEF Chief Economist, said: “There is a definite sense of confidence amongst manufacturers, reflected in a range of recent data releases and the continuing strong positive balances in our latest quarterly survey. This should help sustain broad based growth across the UK. Given that manufacturers’ investment plans have been hovering near record highs for several quarters, industry has likely been a significant contributor to the recent recovery in business investment.”

EEF is now forecasting 3.6% manufacturing growth in 2014, a substantial upgrade from the 2.7% forecast at the beginning of the year.

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