UK factories plan to ramp up investment - EEF

Published: 4th Dec 2017

LONDON (Reuters) - British factories intend to increase investment at the strongest pace in four years, adding to signs that manufacturing will help support an otherwise sluggish economy in 2018, an industry survey showed on Monday.

Europe’s fast-recovering economy has helped Britain’s factory sector grow quickly at the end of 2017, according to the quarterly report from manufacturing association EEF and accountants BDO.

Other surveys in recent weeks have also shown a pickup in British manufacturing activity.

Still, the sector makes up only a tenth of overall British economic output and growth in the services sector -- which is roughly eight times as big -- has been patchier.

Higher inflation largely caused by the fall in the pound after last year’s Brexit vote has pushed up costs for households and businesses this year, contributing to Britain’s lagging economic performance compared with European peers.

 

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