Manufacturers across Britain have been experiencing the upward turn in performance that has come as a result of the improvements seen globally. A survey has been carried out over the second quarter of this year, which has recently come to a close, which highlights a number of improvements seen in the market.
The EEF has carried out an outlook survey that focused on the second Quarter of 2017. This survey has shown that there has been a continual boost in the confidence shown towards the UK manufacturing industry. It has been predicted in response to the results of the outlook research that there will be more expansion in this sector over the second half of the year. These results and predictions are a contrast to earlier expectations. Industry people were concerned that the political uncertainty that has been caused by the snap election and any reaction to Brexit would have been more damaging to the manufacturing industry. It is a great comfort that this has not happened and the manufacturing industry has thrived despite the current climate. This is possibly because of the weaker pound that has been caused by the uncertainty, making the UK a cheap place for manufacturing.
Although the results drawn from the survey has offered some good news, the EEF has warned that the positive situation for the manufacturing industry cannot be guaranteed going forward. The organisation has suggested that whoever is elected after the June 8th vote to go ahead with more and bolder plans for the industry in order to stabilize and improve future growth opportunities. The second Quarter data has shown a slight easing from the first quarter in terms of the output and order balances. However, the manufacturing industry has still seen figures that are above historical averages of 26% and 25% for output and order balances respectively.