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 I'm A Celebrity 2014: Jungle security stepped up after murder and 'suspicious death' near to camp
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Jeremy Hunt: 'I took my children to A&E because I didn't want to wait for GP appointment'
- 4 Girl, 7, gets Tesco to remove 'stupid' sign suggesting superheroes are 'for boys'
- 5 This letter from a reader explains why women can’t play football
Sarah Vine criticises lesbian mother Jack Monroe: 'If she was unsure about her sexuality, she should have taken greater precautions'
Black Friday 2014: Opening times for Asda, John Lewis, PC World, GAME and Argos
Three-year-old boy accidentally shoots dead his mother in Tulsa, Oklahoma, as she changes her younger daughter's nappy
Michael Brown shooting: Driver smashes into crowd as protests erupt across the US during a second night of unrest
Jeremy Hunt: 'I took my children to A&E because I didn't want to wait for GP appointment'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£16000 - £18000 per annum: Langley James : IT Support; Helpdesk, VMware; Manch...
£35000 - £450000 per annum + £3k car, £70k ote: h2 Recruit Ltd: Do you want to...
£Attractive Package: Citifocus Ltd: Prestigious financial institution seeks to...
£Negotiable: Citifocus Ltd: Experienced operational risk professional with ban...