Optimism among British manufacturers’ about the state of the British and global economy is at a four-year high, according to a survey.
The poll by the manufacturers’ organisation EEF found 40% of factories are planning for growth in their industry this year compared with 19% who are forecasting a decline.
Sales are expected to grow in the domestic market according to 62% of firms, while 47% anticipate EU demand to rise and 51% expect a boost from markets elsewhere around the world.
‘A matter of urgency’
Chief executive Stephen Phipson said: “There are plenty of factors that could puncture this positive picture. Chief amongst these is Brexit which has put the investment outlook on a knife edge.
UK manufacturing is booming, foreign tourism to UK at all-time high, more UK-based firms source British suppliers, UK exports up 14% year-on-year, UK construction sector rises due to more house-building, UK services sector picks up in sign economy is accelerating.#DespiteBrexit
— Robert Kimbell (@RedHotSquirrel) 5 January 2018
“As such, it is essential that the Government gets a transition deal as a matter of urgency and sets out with utmost clarity as to what kind of final deal it is looking for.
“In tandem with this it also needs to crack on a pace with its industrial strategy. This will be vital in providing manufacturers with the confidence to invest in strategies to improve their productivity and enter new markets.”