Menu
17/10/2003
BCC warns of dangers of UK's two-speed economy
A British Chambers of Commerce (BCC) report released today has warned that the UK has a developed into a two-speed economy, with the gap between manufacturing and services widening.
According to the results of its Q3 2003 Quarterly Economic Survey, manufacturing suffered a sharp downturn whilst the service sector experienced a welcome rebound. Over the last quarter the manufacturing sector's position worsened with employment and home and export sales coming-in weaker than at any point since Q4 2001.
The services sector gained ground and experienced a marginal recovery across the board but export indicators are still relatively weak against the background of a poor first half.
David Frost, Director General of the BCC, said: "Manufacturing is the bedrock of our industrial performance and the weakness in manufacturing is a case for serious concern. Efforts to increase the productivity and competitiveness of UK manufacturing must therefore be at the forefront of the national economic agenda and particularly for the Chancellor in his pre-budget report."
Mr Frost also warned that the MPC must not raise interest rates prematurely as it was "vital" to avoid tax increases on business "in the face of the Chancellor's Budget deficits".
The BCC represents more than 135,000 businesses in all sectors of the economy and of all sizes.
(gmcg)
According to the results of its Q3 2003 Quarterly Economic Survey, manufacturing suffered a sharp downturn whilst the service sector experienced a welcome rebound. Over the last quarter the manufacturing sector's position worsened with employment and home and export sales coming-in weaker than at any point since Q4 2001.
The services sector gained ground and experienced a marginal recovery across the board but export indicators are still relatively weak against the background of a poor first half.
David Frost, Director General of the BCC, said: "Manufacturing is the bedrock of our industrial performance and the weakness in manufacturing is a case for serious concern. Efforts to increase the productivity and competitiveness of UK manufacturing must therefore be at the forefront of the national economic agenda and particularly for the Chancellor in his pre-budget report."
Mr Frost also warned that the MPC must not raise interest rates prematurely as it was "vital" to avoid tax increases on business "in the face of the Chancellor's Budget deficits".
The BCC represents more than 135,000 businesses in all sectors of the economy and of all sizes.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
06 July 2010
UK Economy Continues To Grow
The UK economy saw further growth in the second quarter of this year, according to the latest Economy Survey from the British Chambers of Commerce (BCC). Employment expectations, investment plans, export orders, and domestic sales, in both the manufacturing and service sectors, made gains in Q2.
UK Economy Continues To Grow
The UK economy saw further growth in the second quarter of this year, according to the latest Economy Survey from the British Chambers of Commerce (BCC). Employment expectations, investment plans, export orders, and domestic sales, in both the manufacturing and service sectors, made gains in Q2.
20 August 2004
Business and finance services hit economy milestone
Business and financial services accounted for over 30% of total UK economic output for the first time in 2002, according to a report out today from the Office for National Statistics (ONS). Total output of the whole economy, as measured using gross value added (GVA), was £926.3 billion in 2002.
Business and finance services hit economy milestone
Business and financial services accounted for over 30% of total UK economic output for the first time in 2002, according to a report out today from the Office for National Statistics (ONS). Total output of the whole economy, as measured using gross value added (GVA), was £926.3 billion in 2002.
25 May 2006
UK consumer spending slows in Q1
Consumer spending has slowed in the UK in the first quarter, but overall this was evened out by increased activity in the manufacturing sector, as the level of UK performance reached the expected 2.2% figure for the year. The latest figures from the Office for National Statistics revealed that the UK's Gross Domestic Product grew at 0.
UK consumer spending slows in Q1
Consumer spending has slowed in the UK in the first quarter, but overall this was evened out by increased activity in the manufacturing sector, as the level of UK performance reached the expected 2.2% figure for the year. The latest figures from the Office for National Statistics revealed that the UK's Gross Domestic Product grew at 0.
22 January 2014
Man Dies In Accident At Toyota Factory
A 56-year-old man has died in an accident at Toyota's vehicle manufacturing plant in Derbyshire. Police were called to the factory at around 00:40 following a report that the man, understood to be a lorry driver, was trapped between to vehicles.
Man Dies In Accident At Toyota Factory
A 56-year-old man has died in an accident at Toyota's vehicle manufacturing plant in Derbyshire. Police were called to the factory at around 00:40 following a report that the man, understood to be a lorry driver, was trapped between to vehicles.
18 March 2011
Research Boost For UK Manufacturing Industries
A £51 million investment to ensure the UK stays at the leading edge of manufacturing research was unveiled today by Universities and Science Minister David Willetts.
Research Boost For UK Manufacturing Industries
A £51 million investment to ensure the UK stays at the leading edge of manufacturing research was unveiled today by Universities and Science Minister David Willetts.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
