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UK Manufacturers See Pick-Up Ahead, but EU Vote Key

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Embattled British manufacturers expect a slight recovery in the second half of 2016 but that slow improvement could be knocked off course if the country votes to leave the European Union, an industry survey showed on Monday.

A downturn across British factories eased in the April-June period but the pick-up was weaker than companies expected three months ago, industry association EEF said.

Nonetheless, manufacturers remained optimistic about the second half of the year, probably reflecting an assumption that Britain will vote to stay in the EU in a referendum on June 23 and that some other causes of weak demand continue to wane.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
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 Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. 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.
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