25/08/2011
UK manufacturers have reason to believe the economy will pick up in the future thanks to healthy order books, reports Fresh Business Thinking.
The Confederation of British Industry revealed manufacturers' new found optimism in 'Industrial Trends', a new survey, shining a ray of light onto the UK economy.
Despite critics and analysts predicting a gloomy era for manufacturers, parts of the sector are experiencing more growth than ever. Out of 510 manufacturers that took part in the survey, 29 per cent of firms described total orders as above normal.
This should provide some relief for Vince Cable, whose manufacturing-led economic recovery hit a couple of stumbling blocks in the few weeks.
It is hoped the economic recovery should provide growth for manufacturing firms in the UK. Extra growth can be achieved through tools like sales finance, which frees up cash left in unpaid invoices.
Richard Woolhouse, CBI Head of Fiscal Policy, commented on the survey: "Manufacturing order books are holding up, and expectations for output growth are above their historical average, although they are less strong than earlier this year."
Chief Economist at manufacturers association EEF Lee Hopley spoke to the Financial Times about the figures: "Across the industry as a whole it does seem there are some tentative reasons to be cheerful at the moment."
Ashley Curtis