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06/08/2001
Manufacturing sector revealed as ‘officially in recession’
It has been officially confirmed that the UK’s manufacturing sector is in recession following the publication of figures showing a downward trend for the second successive quarter.
Second quarter figures from the Office for National Statistics show a 2 per cent fall in the sector’s output on the previous three months, while year-on-year figures show a decline of 1.3 per cent.
The strength of sterling has seen manufacturers suffering from the effects of being unable to compete in a global marketplace, which itself is in the throes of slowing down thanks to the current sluggish nature of the world economy.
While the UK economy as a whole is not yet in recession - thanks to the current confident activity shown in the banking and retail sector – fears are already being voiced that it is perhaps only a matter of time before the bad news spreads to the service sector.
Chief Economist at the British Chambers of Commerce, Ian Fletcher, said: "This is technical confirmation of what has been apparent to business for some time. Our manufacturers are caught between a rock and a hard place, with the pain of the global slowdown, accentuated by an uncompetitive euro exchange rate.
"Government must ensure it does all it can to ease the sector's load over the forthcoming months, to mitigate the inevitable impact on jobs and investment." (CL)
Second quarter figures from the Office for National Statistics show a 2 per cent fall in the sector’s output on the previous three months, while year-on-year figures show a decline of 1.3 per cent.
The strength of sterling has seen manufacturers suffering from the effects of being unable to compete in a global marketplace, which itself is in the throes of slowing down thanks to the current sluggish nature of the world economy.
While the UK economy as a whole is not yet in recession - thanks to the current confident activity shown in the banking and retail sector – fears are already being voiced that it is perhaps only a matter of time before the bad news spreads to the service sector.
Chief Economist at the British Chambers of Commerce, Ian Fletcher, said: "This is technical confirmation of what has been apparent to business for some time. Our manufacturers are caught between a rock and a hard place, with the pain of the global slowdown, accentuated by an uncompetitive euro exchange rate.
"Government must ensure it does all it can to ease the sector's load over the forthcoming months, to mitigate the inevitable impact on jobs and investment." (CL)
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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.
14 January 2002
UK manufacturing output falls further than expected
Manufacturing output in the UK has fallen more sharply than initially predicted for December, defying analysts’ expectations and prompting increased speculation about the long-term future of the sector. With a decline of 0.7 per cent on November 2001, manufacturing production during December was down by 5.
UK manufacturing output falls further than expected
Manufacturing output in the UK has fallen more sharply than initially predicted for December, defying analysts’ expectations and prompting increased speculation about the long-term future of the sector. With a decline of 0.7 per cent on November 2001, manufacturing production during December was down by 5.
12 March 2002
UK manufacturing output continues to slide
The latest government figures have shown UK manufacturing output was down 0.4 per cent on December's figure, 6.1 per cent lower compared with January 2001. The Office for National Statistics (ONS) revealed that the UK's industrial output continued to fall in January, down 0.
UK manufacturing output continues to slide
The latest government figures have shown UK manufacturing output was down 0.4 per cent on December's figure, 6.1 per cent lower compared with January 2001. The Office for National Statistics (ONS) revealed that the UK's industrial output continued to fall in January, down 0.
05 November 2001
UK manufacturing slides deeper into recession
Output from the UK’s manufacturing sector has fallen to its lowest level in over a decade, indicating that the sector is sliding deeper into recession. Figures released by the Office of National Statistics have shown that UK factory output fell by 1.6 per cent in September, a drop of 4 per cent on the same time last year.
UK manufacturing slides deeper into recession
Output from the UK’s manufacturing sector has fallen to its lowest level in over a decade, indicating that the sector is sliding deeper into recession. Figures released by the Office of National Statistics have shown that UK factory output fell by 1.6 per cent in September, a drop of 4 per cent on the same time last year.
06 September 2001
UK interest rate put on hold despite manufacturing recession
The Bank of England has left interest rates unchanged at five per cent despite new data revealing that the recession in the UK manufacturing sector has deepened. The latest data shows that manufacturing output fell 0.9 per cent in July to stand 3.0 per cent lower than last year, the worst annual performance since January 1992.
UK interest rate put on hold despite manufacturing recession
The Bank of England has left interest rates unchanged at five per cent despite new data revealing that the recession in the UK manufacturing sector has deepened. The latest data shows that manufacturing output fell 0.9 per cent in July to stand 3.0 per cent lower than last year, the worst annual performance since January 1992.
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