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12/11/2004
NI manufacturers could be among worst hit, warn CBI
Northern Ireland is likely to be one of the worst hit regions according to a Confederation of British Industry (CBI) survey warning that 22,000 manufacturing jobs in the UK are under threat.
In a latest regional trends survey, published today (Friday) by the CBI and Experian, manufacturers saw output growth subdued across the UK in the three months to October as exports were hit by weak international demand.
Closer to home manufacturing output in Northern Ireland fell sharply for the third consecutive time, while business optimism and export markets also fell sharply in the province despite a continuing fall in unemployment levels.
Peter Gutmann of Experian said: “International demand has been less supportive to manufacturing than might have been expected, given that the global economy continues to expand at a healthy pace and that sterling has eased in recent months. The muted picture reflects the fact that export orders have been very disappointing.
Doug Godden, CBI Head of Economic Analysis, added: "The impact of rising costs on profitability is a major issue for the second survey in succession. We know from the national results that energy-intensive and metal-related industries are being hit hardest.
"The regional pattern reflects this, with the West Midlands and northern regions of England seeing the sharpest cost increases. It is critical that the Bank of England and the Treasury take note. Now is not the time for further increases in interest rates or rises in business taxation."
(GMCG/MB)
In a latest regional trends survey, published today (Friday) by the CBI and Experian, manufacturers saw output growth subdued across the UK in the three months to October as exports were hit by weak international demand.
Closer to home manufacturing output in Northern Ireland fell sharply for the third consecutive time, while business optimism and export markets also fell sharply in the province despite a continuing fall in unemployment levels.
Peter Gutmann of Experian said: “International demand has been less supportive to manufacturing than might have been expected, given that the global economy continues to expand at a healthy pace and that sterling has eased in recent months. The muted picture reflects the fact that export orders have been very disappointing.
Doug Godden, CBI Head of Economic Analysis, added: "The impact of rising costs on profitability is a major issue for the second survey in succession. We know from the national results that energy-intensive and metal-related industries are being hit hardest.
"The regional pattern reflects this, with the West Midlands and northern regions of England seeing the sharpest cost increases. It is critical that the Bank of England and the Treasury take note. Now is not the time for further increases in interest rates or rises in business taxation."
(GMCG/MB)
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