Sajid Javid commits to long-term plan for UK steel
Following pressing from Steelmakers, Business Secretary, Sajid Javid has back a proposal for new research looking into ways a long-term future can be secured for the industry.
Director of UK Steel, the trade body representing the sector, Gareth Stace commented: “UK steel producers can compete on quality and cost with the best firms from around the world, but they cannot do so if energy costs are artificially higher and they face unfair competition from dumped steel.”
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UK manufacturers smashed expectations in April
According to the latest figures from the Office for National Statistics, British manufacturing output surged by 2.3% in April, the fastest pace since 2012. The boost was mainly due to an impressive month for the pharmaceutical sector, which rose by 13%, but was also aided by 2% growth in industrial production.
The latest figures follow the UK’s PMI rising to 50.1 in May, edging back into the black from the previous month’s score of 49.2.
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UK manufacturing could recover after referendum, EEF says
Although British industry continues to crawl along with investment at its lowest level since the financial crisis, signs are that the downturn may have bottomed out, according to the EEF.
Firms are growing more confident about the coming months, and the EEF believes that could lead to a recovery in the second half of 2016. However, this does focus on if the UK chooses to remain in the EU and “other factors holding back growth continue to wane.”
The UK and export order balances in the second quarter of the year improved to -8% and -4%, respectively.
For more information on EEF’s latest survey, head here.. http://ow.ly/nvne301jHKu