Growth in UK manufacturing has eased back to more moderate levels, but companies remain confident about the economic outlook, according to a new study.
A survey of almost 300 businesses by the EEF, the UK manufacturers' group, suggested a continued positive picture, with plans to invest in machinery and recruit skilled employees. Investment intentions have been positive for 17 consecutive quarters, said the group.
The EEF warned about exports because of the "flagging" eurozone economy and stronger sterling exchange rate. Its chief economist, Lee Hopley, said: "Manufacturers are still on course for a strong year of output growth in 2014, but our survey points to a moderation in the pace of expansion from the take-off seen in activity over the past year.
We're also seeing manufacturers continue to recruit for skilled jobs and increase their plans to invest in the coming year – exactly what the UK economy still needs for balanced growth."
Tom Lawton, head of manufacturing at accountancy firm BDO, which helped with the report, added: "UK manufacturing cannot insulate itself from global market conditions and this is clearly shown in the dip in output. However, growth remains positive and long-term investment and employment intentions feel much more realistic at these levels."
The British Chambers of Commerce predict the government will fail to hit its target of doubling exports to £1tn by 2020. The government is aiming to drum up more trade with China by sending its first ever ministerial delegation focused on intellectual property to the country this week.
The group is led by intellectual property minister Lady Neville-Rolfe, who hopes to generate growth and jobs in both countries.
"I am determined we do all we can to make life as easy as possible for our businesses by improving our bilateral relationships with China on intellectual property (IP) matters, essentially the ownership of ideas and the reduction of counterfeits and design theft," she said.
The UK government could also push Chinese authorities to do more to tackle IP crime. Currently around 70% of counterfeit goods seized at EU borders originate in China, according to the Department for Business, Innovation and Skills.
theguardian.com
A survey of almost 300 businesses by the EEF, the UK manufacturers' group, suggested a continued positive picture, with plans to invest in machinery and recruit skilled employees. Investment intentions have been positive for 17 consecutive quarters, said the group.
The EEF warned about exports because of the "flagging" eurozone economy and stronger sterling exchange rate. Its chief economist, Lee Hopley, said: "Manufacturers are still on course for a strong year of output growth in 2014, but our survey points to a moderation in the pace of expansion from the take-off seen in activity over the past year.
We're also seeing manufacturers continue to recruit for skilled jobs and increase their plans to invest in the coming year – exactly what the UK economy still needs for balanced growth."
Tom Lawton, head of manufacturing at accountancy firm BDO, which helped with the report, added: "UK manufacturing cannot insulate itself from global market conditions and this is clearly shown in the dip in output. However, growth remains positive and long-term investment and employment intentions feel much more realistic at these levels."
The British Chambers of Commerce predict the government will fail to hit its target of doubling exports to £1tn by 2020. The government is aiming to drum up more trade with China by sending its first ever ministerial delegation focused on intellectual property to the country this week.
The group is led by intellectual property minister Lady Neville-Rolfe, who hopes to generate growth and jobs in both countries.
"I am determined we do all we can to make life as easy as possible for our businesses by improving our bilateral relationships with China on intellectual property (IP) matters, essentially the ownership of ideas and the reduction of counterfeits and design theft," she said.
The UK government could also push Chinese authorities to do more to tackle IP crime. Currently around 70% of counterfeit goods seized at EU borders originate in China, according to the Department for Business, Innovation and Skills.
theguardian.com
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