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Sector Enjoys 20-Year Growth Record
22 October 2007 09:37
Company Profile
Manufacturers in Britain continue to prosper but economists predict economic slowdown.
UK manufacturers recorded their strongest quarter for sales in almost two decades during the three months to the end of September, dampening hopes of an early cut in the Bank of England base rate.
According to the British Chambers of Commerce's (BCC) third-quarter survey, its net sales index rose to +36 per cent over the quarter, the highest since the index was launched back in 1989, and up 5 points since the second quarter. The number of manufacturers expecting to raise their prices also leapt from +24 to +32 per cent.
The BCC, which represents local businesses, said it believed the overall picture was one of a weakening UK economy, and called on the Bank of England to cut rates next month.
"The results of this survey show that the MPC [Monetary Policy Committee] must cut interest rates in November," said David Kern, an economic adviser to the BCC.
Qimtek Ltd