UK engineering sector sees resurgence
06 Sep 2010
The Engineering Employers' Federation (EEF) in the UK has reported a resurgence in the manufacturing industry that has been termed as 'remarkable.'
The UK manufacturing sector went through one of the worst slumps in three-quarters of a century according to the EEF and the country's industrial recovery now 'continues apace' with 'an important boost' being provided by exports. It also notes that investment appears to be picking up faster than at times of previous upswings.
According to the EEF, growth in permanent new jobs due to the revival would be limited with agency staff and extra overtime to bear the brunt until conditions turned more positive.
It warns, "As fiscal consolidation really gets under way in the UK and others follow suit, together with the weaker outlook for the US and risks to the sustainability of Asia's growth path, the recovery could yet falter."
According to the organisation reports from British manufacturers point to buoyant trading conditions with rising demand in overseas markets which points to "good prospects for growth in 2010".
The survey was conducted for the EEF by the accountancy firm BDO. The survey has found that the recovery which started at the end of last year has maintained the tempo with output and order balances reaching record levels for the second quarter in succession.
