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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)
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