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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 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 SKY News. 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.
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