Contractors and Limited company owners in the manufacturing sector will be pleased to hear that a new report has predicted Britain’s manufacturers, will grow faster than the UK economy overall during 2014.
The recent survey carried out by the manufacturers’ organisation EEF and BDO, is forecasting that the sector will grow by 2.7% in 2014 compared to 2.4% for the economy overall.
Commenting, EEF Chief Economist, Ms Lee Hopley, said, “Over the course of the year we have seen a definite turnaround in prospects for manufacturing and this looks set to continue into next year. This increased confidence is evident in companies looking to increase their headcount and, most importantly for balanced growth, step up their investment.
“However, uncertainties in the global economy remain and a sustained recovery is not secure. As a result, growth must remain a priority for government over the remainder of this parliament, starting with the Autumn Statement this week.”
Tom Lawton, Head of Manufacturing at BDO, also commented, “Continued strong demand within the UK domestic market is very encouraging and this does suggest that a sustainable manufacturing recovery has gained a foothold in this country. However, international markets hold the key to a fully-fledged and meaningful improvement for in UK manufacturing and these markets remain frustratingly fragile.
“We haven’t missed the boat yet, but companies need to stand ready and be supported by an accessible, Government backed export framework in order to take full advantage of the recovery on the continent and beyond once it starts.”
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