Comment on the ONS Manufacturing figures - June 2008
Commenting on today’s ONS manufacturing figures, Nigel Bailey, Relationship Director for the Manufacturing Sector at Barclays Commercial Bank said:
’Today’s ONS figures for June 2008 show that manufacturing output has fallen by 0.8 per cent compared with the previous quarter. This news follows findings from a CBI survey released this week that reported a fall in confidence within the sector in the wake of commodity price increases. Lower UK expenditure on goods such as food, drink and tobacco, has seen this sub sector hardest hit with output down 1.6 per cent in the quarter.
’However, those manufacturers with sales outside of the UK are still finding it possible to take advantage of a weak pound, and export order books, particularly those engaged in the oil and gas industry are reported to be strong. UK Manufacturers with access to export markets are finding it easier to protect their volumes and margins than those who depend solely on the domestic market.’
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