UK Losing Shine as Competitive Base for Manufacturers – Survey

Britain is becoming less competitive as a base for manufacturers, according to a group representing the factory sector which warned the government against laying further costs on firms which make cars, chemicals and other goods in the UK.

EEF, which represents 5,000 firms engaged in manufacturing, engineering and technology, said 56 percent of respondents in a survey it commissioned viewed Britain as a competitive location for making goods, down from last year’s 70 percent level.

Britain’s economy has grown faster than those of most other rich countries over the past two years. But growth has been driven by the services sector and manufacturing has fallen short of the government’s hopes for an export-led recovery.

Reuters

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.