Company News
Manufacturing Tipped To Expand Further In H2 2017
Thursday 8th June 2017
Demand for valve and fitting solutions looks set to increase in the second half of the year, with the latest manufacturing outlook survey from EEF revealing that there is confidence that the sector will see further expansion as the year goes on.
Export markets look particularly favourable for manufacturers, whose views have been becoming increasingly positive over the last 12 months. European market demand looks especially buoyant, with 61 per cent of companies reporting an uptick.
A warning was issued by EEF, however, that there is a lot of uncertainty ahead for the UK and trade could well be damaged by if no deal on Brexit is agreed upon. The squeeze on household incomes could also have a negative effect.
"While growth and confidence hasn't been knocked off track by the snap election, it is not plain sailing from here. There is the continuing challenge of managing input cost increases; ensuring success in attracting and retaining the skills that are in increasing demand and driving up investment in the sector. Whoever forms the next government must set in stone as a matter of urgency a bold industrial strategy that will help cement the foundations for long-term growth for industry," Lee Hopley, EEF chief economist, said.
The organisation's most recent manifesto urged the new government to use Brexit as an opportunity to really commit to a comprehensive industrial strategy to boost economic growth and social wellbeing. An ambitious Brexit deal must also be sought that retains the benefits of the single market and allow for seamless trade between the EU and the UK with minimal cost to companies.
