EEF confirms UK manufacturing sector back in growth mode
According to the manufacturing trade body EEF, the UK manufacturing sector has performed better than expected in the first six months of 2010 and is expected to show an increase of 3.8% for the full year. This is an about turn for the UK manufacturing industry which has for many years been on its knees due to a lack of investment and increased focus on the services industry.
The forecast 3.8% growth for 2010 is well ahead of the 1.1% growth forecast for the UK economy as a whole although the sector is cautious regarding budget cuts not only in the UK but around the world. It was interesting to see that the recovery in the UK manufacturing sector is not specific to any one area with a general improvement in trading across the board. However, the UK export industry continues to benefit from a relatively weak pound although this situation will "correct itself" in due course.
How ironic that at a time when the UK economic recovery appears to be waning that we see the UK manufacturing sector spring back to life. This is an area of the UK economy which has been starved of investment under numerous governments but now appears to be "back in the game".
Share this..
Related stories
Gordon Brown's outside talent pool dries up
It was June 2007 when Gordon Brown announced his plans to create a pool of ministers from outside of politics to bring about the so-called "government of all the talents". However, while five ministers were initially appointed from outside the political scene, today's departure of Lady Vadera leaves just one minister from the original five. The fact that four have left already, in just a few month...
Read MoreIs the Euro set to become the most influential currency in the world?
As rumours circulate Wall Street that the Federal Reserve is set to slash interest rates by 0.5% the dollar has taken a serious hit against the Euro. In a world where currency fluctuations have never been more severe it is the Euro which appears to come out best against both sterling and the dollar. As rumours also circulate that the UK is set to join up to the Euro in the short term some people a...
Read MoreRDR – don’t be left in the Dark
Amid the positives that the Retail Distribution Review (RDR) is likely to bring, especially in reference to the standard of financial advice given, there have been those that have expressed their concern about the amount of people that could be set to miss out on advice in the future. It is thought that the fees that will be charged from the New Year by financial advisers will make it impossible f...
Read MoreHas the death of the UK economy saved Gordon Brown?
On the back of the Glenrothes by-election victory many are now hailing Gordon Brown as the man who came back from the dead to reclaim his throne. Just six short months ago Gordon Brown was literally dead and buried with numerous knives in his back from those who believed he could trust and the UK voter having disowned him.
How ironic that the man who many believe caused the mess in...
Petrol, milk and furniture cause MPC fears
Sharp increases in the cost of factory-gate goods have lead to a 3.1 per cent reading for the consumer price index in March, sparking concerns that the monetary policy committee (MPC) will be pressurised to rise the interest rate yet again. Prices which showed the biggest gains were petroleum products, milk and furniture, according to the Office for National Statistics (ONS), which pushed the over...
Read More