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13/07/2001
CONFIDENCE FALLS IN MANUFACTURING SECTOR
CONFIDENCE in the manufacturing sector is continuing to decline, with recession closing in and the service sector losing its grip on growth.
This new crisis of confidence in the sector has been uncovered in a survey by the British Chambers of Commerce (BCC).
David Lennan, Director General of the BCC, said that the shock waves of the current global slowdown were reaching further and deeper into the UK economy than previously expected.
He revealed that the survey, the largest and most detailed of its kind, showed the manufacturing industry edging closer to recession, with firms reporting shrinking home sales and orders over the last three months. Manufacturers also report plummeting confidence in improving turnover and profitability.
Mr Lennan added: "With manufacturing confidence draining away, the wings of service sector growth clipped and price pressures on a downward trend, there exists both the scope and the need for a further cut in interest rates in August.
“Government must also recognise the role it must now play in supporting industry and the wider economy through these difficult times. Ministers must treat these new data as a warning that the productivity agenda needs less promise and more delivery.” (CL)
This new crisis of confidence in the sector has been uncovered in a survey by the British Chambers of Commerce (BCC).
David Lennan, Director General of the BCC, said that the shock waves of the current global slowdown were reaching further and deeper into the UK economy than previously expected.
He revealed that the survey, the largest and most detailed of its kind, showed the manufacturing industry edging closer to recession, with firms reporting shrinking home sales and orders over the last three months. Manufacturers also report plummeting confidence in improving turnover and profitability.
Mr Lennan added: "With manufacturing confidence draining away, the wings of service sector growth clipped and price pressures on a downward trend, there exists both the scope and the need for a further cut in interest rates in August.
“Government must also recognise the role it must now play in supporting industry and the wider economy through these difficult times. Ministers must treat these new data as a warning that the productivity agenda needs less promise and more delivery.” (CL)
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