UK factories to increase investment according to EEF

By Sophie Chapman
According to a report released by the Manufacturer’s Organisation (EEF), British factories are about to increase investment at the strongest rate in f...

According to a report released by the Manufacturer’s Organisation (EEF), British factories are about to increase investment at the strongest rate in four years.

The industry survey also suggests that that manufacturing will strongly support the potentially stagnant economy in 2018.

It is Europe’s fast-recovering economy that has aided the growth of Britain’s factory sector.

Other recent surveys have also released data that supports these claims, says Reuters.

SEE ALSO:

The sector makes up a tenth of Britain’s overall economic output and growth in the service sector.

Following the Brexit vote in 2016, and the subsequent fall in the pound, inflation rose and increased the costs for households and businesses, lagging Britain’s economy.

On 4 December, The Confederation of British Industry announced its prediction of economic growth of around 1.5% next year, similar to 2017’s outcome.

“Stronger global growth has cemented the foundations for growth in manufacturing this year, but the sector’s contribution to the UK economy has been greater than most expected,” reported Lee Hopley, EEF Economist.

“There is some confidence that this momentum will carry into 2018, but as we head towards the Brexit end game we need manufacturing to produce the same trick of broad-based growth again next year.”

Share

Featured Articles

How technology has improved Health & Safety in manufacturing

Johann Cilliers, Group Marketing Director at Welding Alloys, explains how technology has improved Health & Safety in the manufacturing industry

Nick Dinges, Replique CTO, explores additive manufacturing

Replique’s CTO Nick Dinges shares his knowledge on 3D printing, how localised production can help supply chains & what the manufacturing sector wants

Hanwha to spend US$2.5bn on US solar manufacturing

South Korean chemical manufacturer Hanwha will spend US$2.5bn on US solar manufacturing at Georgia plant, in a new renewable energy push

Hexagon invests in Divergent Technologies digital factories

Digital Factory

India’s smart manufacturing electric vehicle future

Smart Manufacturing

Manufacturing a legacy of safety, sustainability, and skill

Procurement & Supply Chain