BCC: Modest manufacturing growth must be enforced
08 Nov 2011
- Manufacturing output in September up 0.2% on the month, up 2.0% on the year
Commenting on the manufacturing output figures for September published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures show modest growth in manufacturing output, better than many expected. Seeing the sector remain in positive territory despite difficulties in the eurozone and tough austerity measures in the UK is reassuring. Although pessimism about the health of manufacturing is unnecessary, the sector does face difficult challenges and we must reinforce the modest recovery that we are seeing.
“Last month’s increase in quantitative easing was a good start, but it is not enough. Further efforts must be made, both by the government and the Bank of England, to implement credit-easing measures with a particular focus on small and medium-sized firms. The Autumn Statement at the end of this month will provide the Chancellor with a prime opportunity to introduce more policies to support growth, and to reallocate priorities within the overall spending envelope.”
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