Scottish Engineering Conference 2019: Supporting Scotland's engineering and manufacturing industry
Manufacturing Growth in the UK at highest level for years
11th Jan 2018
UK manufacturing output is growing at its quickest rate since 2008 after seeing a seventh month of growth of consecutive growth to November 2017. The sector output is also at its highest level since 2011.
Renewable energy projects, boats, aeroplanes and cars for export helped make output 3.9% higher in the three months to November than in 2016.
British manufacturing is flourishing thanks to two major trends. Firstly, owing to Brexit uncertainty, the value of the pound is still hovering at weak levels meaning that it is cheaper and therefore more attractive for foreign markets to buy from the UK. Also, there is strong global growth, with China, USA & Europe all performing well for the first time since the financial crisis.
Despite these positives, it is important to remember that manufacturing only equates to roughly 10% of the economy as a whole.
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I was keen to get a better understanding/background to the budget and this was met. Well structured event with good and knowledgeable speakers.