British manufacturers rely on overseas growth
Monday 16 January 2012
A worsening economy will force British manufacturers to look overseas for growth in 2012, according to a survey of senior executives.
Half of all business leaders expect the UK to deteriorate throughout the year, against just one in five anticipating any improvement, according to the EEF manufacturers' organisation.
The survey comes against a backdrop of a sliding manufacturing sector at home which threatens to tip the economy back into recession in the final quarter of 2011, months after the Chancellor, George Osborne, called for a new "march of the makers" at the time of the Budget.
According to the survey, two-thirds of executives have already adjusted plans to hunt out new global markets, while four in five expect export sales to be at least as strong or bigger this year. Chiefs see the greatest threat to growth as raw material shortages and a further escalation of Europe's sovereign debt crisis.
Lee Hopley, EEF chief economist, said: "The road ahead for manufacturing and the UK is uncertain, but most manufacturers continue to grasp the opportunities in untapped markets for services and in faster-growing emerging markets."
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 3 Oil tanker with $100 million cargo goes missing off Texas coast
- 4 George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
- 5 Medina: Saudis take a bulldozer to Islam's history
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...
£50000 per annum: Harrington Starr: Financial Technical Consultant (C++, C#, F...