Good News for UK Manufacturing
19 March 2014
Recovery amongst the UK's manufacturing sector has become entrenched, according to a recent survey conducted by EEF & BDO
The news comes in advance of the Chancellor's budget and is thought to come about as a result of continued improvements to the economies in Eurozone regions, combined with a continued rise in consumer demand.
31% of companies intervewed as part of the survey said they planned to recruit more staff in the next three months - the highest figure since 2000. Furhtermore, 34% of manufacturers said they planned to increase investment in the next three months.
Whilst manufacturing output fell by 0.6% in 2013, initial projections for the first quarter in 2014 suggest that a YoY increase is expected, with output between October and December 2013 increasing by 0.7%.
Manufacturers are hoping for budgetary assistance to help further boost the industry, as part of the Chancellor's budget, which will be issued this Wednesday. Increased investment from government and a decrease in national insurance contribution were amongst the top suggestions from 161 executives in medium sized businesses, as part of a survey by KPMG.
(Source: The Guardian)
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