Less growth than anticipated for the UK manufacturing industry in 2015
3rd December 2014 12:42 - Industrial
Findings from a quarterly survey of industrial companies, conducted by EEF manufacturers’ association and accountancy firm BDO, has revealed that UK manufacturers are expecting less growth in 2015 than originally anticipated due to the political and economic situation becoming increasingly uncertain.
The number of manufacturing companies anticipating a rise in orders and output has decreased. Also, those expecting growth in the next 3 months has fallen to the lowest figure in 2 years.
Perhaps justifying the rising worry that Europe is sliding back into recession is the amount of new export orders, which have decreased further since the previous fall in the last quarter.
The warning comes as it is revealed that the industry has performed well in 2014, with the growth rate set to hit 3.5%, the highest figure since 2010.
However, as the growth of the sector is expected to slow to 2% in 2015, some companies have expressed their worry over whether the economy is weakening and whether the upcoming general election will see Britain leave the European Union. November saw the Eurozone’s inflation slide back into a 5 year low.
The chairman of the cross-party select committee on business innovation and skills suggested the government should increase spending for catapults centres, a network of tech labs created to market the partnerships between business and students, to bring new and exciting inventions to market.
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