Manufacturers ‘feel less confident’
Andy Tuscher, the regional head of the EEF, the manufacturers’ organisation, said that the recovery is still not guaranteed, and he called on all political parties to devise policies that help manufacturing grow.
The annual EEF/Aldermore Executive Survey finds that manufacturers’ bullish expectations at the beginning of 2014 have eased back, leaving firms cautiously confident as they head into 2015. Optimism has been tempered by “a hefty dose of realism”, with those expecting UK economic conditions to improve almost halving from 70 per cent to 37 per cent this year, according to the survey.
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Hide AdThe number expecting conditions in the UK to deteriorate has tripled, rising from five per cent in 2014 to 17 per cent this year. Despite the more pessimistic economic outlook, there is some good news too. Seven out of 10 manufacturers say that the UK will be a competitive location for them in 2015, the study said.
Mr Tuscher, the Yorkshire regional director at EEF, said: “Manufacturers’ confidence at the beginning of last year was very high - one year on and, while still positive, it has very evidently eased back. The sector is still making good strides, but confidence can be fragile, and with an election on the way, it is vital that uncertainty and disruption are kept to a minimum. Recovery is by no means guaranteed and we would urge party leaders – and the next Government of whatever shade - to remain focused on delivering a fully balanced, stable economy.”