Daily Management Review

EEF’s Data Shows ‘Fastest Growth’ Of Britain Manufacturing Unit Amid ‘Darker’ Horizons


06/06/2017


Although “snap election” failed to knock off “growth and confidence”, challenges definitely wait ahead.



According to “an industry trade body”, the output from the British factory sector seem to be “on track” performing in its pace of “fastest growth” since the year of 2014 till date, although “uncertainty” looms in the horizon contemplating about the European Union’s exports’ future while the world economy grows “stronger”, ushering in a “darker” 2018.
 
The “EEF”, representing the manufacturers of Britain, made a revision to its “factory output” forecast for this year, whereby raising the same “to 1.3 percent from 1.0 percent” which was announced “three months ago” following the reports from its members of “buoyant orders” found in its “latest quarterly survey”.
 
However, the coming tear’s prospect seem “less bright” as the growth forecast for “factory output” are likely to slow down by “0.5 percent” in the year of 2018, although keeping below the decline prediction of EEF. In the words of an economist at EEF, Lee Hopley:
“While growth and confidence haven't been knocked off track by the snap election, it is not plain sailing from here”.
 
The statement of Hopley highlights the increasing costs of “raw material”, besides “skills shortages and insufficient investment”. In the coming Thursday, Britons will be heading to polls for a “national election called by Prime Minister Theresa May”. The election is to boost May’s “parliamentary majority” for initiating for quitting the E.U.
 
Among others, May also mainly wants to “regain” the control for curbing migration from the European Union, whereby reducing more than fifty percent “the annual net inflow of immigrants to Britain”. However, businesses showed “little enthusiasm” in this proposition, while the E.U. claimed that controlling migration will result in a limitation for Britain’s export abilities with the E.U. post its exit in the year of 2019. Tom Lawton, a “partner” at BDO, stated:
“It is vital that we remain open for business and negotiate new trade agreements with the EU and other key markets so that international markets remain open and accessible as soon as Brexit is completed”.
 
Survey revealed that the last quarter’s “robust growth” forecast by EEF is expected to “continue during the current quarter”, although “official data” showed “a much softer performance” for the first quarter. Moreover, Reuters informed that:
“Separate figures from the Markit/CIPS Purchasing Managers' Index last week showed that manufacturing activity grew at its fastest rate in three years in April and May”.
 
 
 
References:
www.reuters.com







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