Menu
11/10/2001
Manufacturing sector in ‘critical condition’
The UK manufacturing sector is in a critical condition, with firms reporting huge export losses, declining home sales and a fall-off in orders.
According to the latest quarterly report from the British Chambers of Commerce surveying 7,385 UK firms employing over 800,000 staff, manufacturing export sales plummeted last quarter with further losses expected before the end of the year. Home sales also continued to decline with orders currently at their lowest for almost three years.
The survey also showed that the slowdown is denting service sector growth, with UK sales slipping and orders down at their lowest since the end of 1998. Service firms' export sales performance also fell slightly while orders remained stagnant for the second quarter running.
David Lennan, Director General of the British Chambers of Commerce said: “Manufacturing needs some intensive care, and while the Bank of England’s recent cuts in interest rates offered the right kind of medicine, it may not yet be enough to bring the sector back to health.
“These are tough and uncertain times for the UK and global economy and all the indicators point to the fact there is worse to come. It is essential, in the coming months, that government do all it can to target support at those sizes of firm, sectors and regions worst hit and with the worst prospects.” (MB)
According to the latest quarterly report from the British Chambers of Commerce surveying 7,385 UK firms employing over 800,000 staff, manufacturing export sales plummeted last quarter with further losses expected before the end of the year. Home sales also continued to decline with orders currently at their lowest for almost three years.
The survey also showed that the slowdown is denting service sector growth, with UK sales slipping and orders down at their lowest since the end of 1998. Service firms' export sales performance also fell slightly while orders remained stagnant for the second quarter running.
David Lennan, Director General of the British Chambers of Commerce said: “Manufacturing needs some intensive care, and while the Bank of England’s recent cuts in interest rates offered the right kind of medicine, it may not yet be enough to bring the sector back to health.
“These are tough and uncertain times for the UK and global economy and all the indicators point to the fact there is worse to come. It is essential, in the coming months, that government do all it can to target support at those sizes of firm, sectors and regions worst hit and with the worst prospects.” (MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
15 April 2013
NI Firms More Optimistic On Job Creation Over The Next Year
The Barclays Job Creation Survey 2013, which questioned over 700 UK businesses, has revealed that Northern Ireland business executives have a growing optimism around private sector job growth in 2013.
NI Firms More Optimistic On Job Creation Over The Next Year
The Barclays Job Creation Survey 2013, which questioned over 700 UK businesses, has revealed that Northern Ireland business executives have a growing optimism around private sector job growth in 2013.
15 April 2016
NICEI Report Finds Slight Increase In NI Economy
The economy in Northern Ireland grew by 0.9% in the last quarter of 2015, compared to the same period in 2014. The number was revealed in the latest NI Composite Economic Index (NICEI), which was published today by the Northern Ireland Statistics & Research Agency.
NICEI Report Finds Slight Increase In NI Economy
The economy in Northern Ireland grew by 0.9% in the last quarter of 2015, compared to the same period in 2014. The number was revealed in the latest NI Composite Economic Index (NICEI), which was published today by the Northern Ireland Statistics & Research Agency.
08 December 2010
Construction Recovery Stalled Until 2013
The recovery in construction output experienced by the industry during much of 2010 will stall in 2011 according to the latest forecasts from the Construction Products Association (CPA). Industry output is expected to decline by 2% in 2011 compared with 2010, with a further fall anticipated in 2012.
Construction Recovery Stalled Until 2013
The recovery in construction output experienced by the industry during much of 2010 will stall in 2011 according to the latest forecasts from the Construction Products Association (CPA). Industry output is expected to decline by 2% in 2011 compared with 2010, with a further fall anticipated in 2012.
15 October 2010
Economy Needs Fillip - Not Cut-backs
Stimulating enterprise and trade must be a priority going beyond public sector cuts says banking economists. According to the Northern Bank's Chief Economist Angela McGowan, decision-makers need to bring forward measures for growing the private sector alongside anticapated proposals to slim the public sector.
Economy Needs Fillip - Not Cut-backs
Stimulating enterprise and trade must be a priority going beyond public sector cuts says banking economists. According to the Northern Bank's Chief Economist Angela McGowan, decision-makers need to bring forward measures for growing the private sector alongside anticapated proposals to slim the public sector.
23 April 2002
UK manufacturing sector showing signs of recovery
The Confederation of British Industry (CBI) has said that the struggling UK manufacturing sector is beginning to show signs of recovery. In its latest snapshot of industrialists' views its Quarterly Industrial Trends Survey showed that confidence among manufacturers had risen for the first time in more than two years.
UK manufacturing sector showing signs of recovery
The Confederation of British Industry (CBI) has said that the struggling UK manufacturing sector is beginning to show signs of recovery. In its latest snapshot of industrialists' views its Quarterly Industrial Trends Survey showed that confidence among manufacturers had risen for the first time in more than two years.
-
Northern Ireland WeatherThis Evening and Tonight:Cloudy with clear spells, mainly dry evening becoming windy with rain at times from late evening. Turning drier with clear spells towards morning. Milder than of late. Minimum temperature 2 °C.
