Fighting spirit shown by UK manufacturers

Manufacturers are showing their fighting spirit despite their fourth recession in ten years and the sharpest downturn in performance in the last 12 months.

This is according to a new survey published by HSBC and the British Chambers of Commerce on Wednesday, February 6.

The results of the Success in Business Survey, which covers the views of over 14,200 businesses, from all sectors indicates that nearly 80 per cent of manufacturers see managing change and continuous innovation as the key criteria to beating the economic slowdown and staying one step ahead of the competition.

It also suggests that 73 per cent of firms intend to introduce new products or services in the next 12 months. In addition, while businesses see foreign competition as having a profound impact on their markets 47 per cent still intend to enter new European and other international markets.

The findings from HSBC and the BCC also reveal that although three quarters of businesses are finding it harder to satisfy customer expectations, this remains a key priority for 2002, and is considered more important than profitability.

The survey also showed that just under two thirds of businesses believe the UK adopting the euro will help them succeed, while almost half the retailers and a third of smaller companies appear to hold the greatest fear of the euro. (MB)