UK Manufacturing on the Road to Recovery?
UK manufacturing is “booming again”, according to the latest survey conducted recently. The sector has seen its strongest growth in over two years, with five consecutive months of expansion.
Output and new orders rose at British factories at their fastest rates for nineteen years, with rising demand from domestic customers being accompanied by a return to growth of the euro zone.
The only weak point in the outlook was a marked upsurge in cost of inflation at the manufacturers. The month on month leap in input prices was the second biggest in the survey’s history, as commodity prices continued to increase.
Lee Hopley, chief economist at the manufacturer’s organisation EEEF said, “We’re seeing a consistent and positive trend across UK manufacturing and today’s data reinforces the view that the sector is back on the road to recovery. Both the UK and overseas markets are supporting growth.”
Manufacturing still remains about 10% smaller than before the recession, but now seems to be showing signs of improvement.
A record number of people are now also applying for apprenticeships within the manufacturing sector, with companies also being given access to Government Funding as an incentive to grow their workforce through apprenticeship schemes.