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Adam Solomon is a specialist in business foreign exchange issues at foreign exchange brokers TORfx.

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Home Economic Fundamentals UK Economic Barclays see 'new normal' for UK manufacturing

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Barclays see 'new normal' for UK manufacturing PDF Print E-mail
UK Economic
Written by Sam Coventry   
Wednesday, 13 January 2010 11:04
Barclays have today suggested confidence in UK manufacturing is growing - and more growth is to come.
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Barclays (LON:BARC) are the latest to back the UK economy for 2010.

The Office for National Statistics (ONS) have today released figures showing a 0.4 per cent monthly rise in output in November.

Barclays cite today's data, and PMI survey data released last week, as being an indication of further rises to come.

Graeme Allinson, Head of Manufacturing, Transport and Logistics at Barclays, said:
 
“Manufacturers have now largely come to terms with the fact that today’s conditions should be considered the new normal, with pre-recession output peaks something of an aberration. With few major mergers and acquisitions on the horizon and a focus on organic growth, deleveraging across the sector continues and progress made amongst manufacturers in coming years is unlikely to be as debt fuelled as in the previous decade.
 
“While there remain political and commercial uncertainties in the UK and abroad that will certainly impact demand, it is still likely that slow but positive growth will be a mark of the coming year in manufacturing.”

More on the latest manufacturing data


British manufacturing output was flat in November compared to the previous month, the Office for National Statistics reported Wednesday. Compared to November 2008, output fell 5.4%.

Economists had forecast a 0.3% monthly rise and a 5% annual decline.

The broader industrial production measure rose by 0.4% in November, the ONS said.

Compared to the same month last year, industrial production fell 6%.

Economists had forecast a 0.2% monthly rise in production and a 6% annual decline.
Last Updated ( Wednesday, 13 January 2010 11:09 )