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

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam