Manufacturing growth ended on a high in 2014, according to the latest figures from the British Chamber of Commerce; statistics from the Quarterly Economic Survey were positive news for the manufacturing industry following a period of slow growth in the sector.
Nearly 7,000 companies were interviewed for the survey and the results showed a marked increase in growth for the last quarter in 2014. Analysts say that the strong performance of the last quarter is a good sign of continued economic growth throughout 2015, however, this will only be possible if U.K businesses get the support that they need from the government.
Strong Growth and Job Creation
The figures from the Chamber of Commerce show strong growth all round with an increase in domestic and turnover confidence. Export sales were also on the increase, however, they were still slow. According to the statistics, there was an increase in the number of firms investing in training in the last quarter of 2014, and an increased amount of manufacturing firms are now operating at full capacity. The figures are also good news for future job creation as many companies indicated that they intend to recruit new staff members and were actively searching for new employees.
Commenting in a press release, John Longworth, Director General of the British Chamber of Commerce said:
“British businesses are well placed to grow in 2015 – a testament to their hard-work and resilience. It is particularly pleasing to see the manufacturing sector bounce back, despite signs of a slowdown in recent months. However we must aim for growth that is sustainable for the long-term, rather than settle for second best.”
“With employment and investment intentions at historically high levels, businesses are gearing up for a big year in 2015. It is now vitally important that firms are able to convert their growth ambitions into reality. Strengthening our business finance system, which constrains the growth aspirations of too many firms, will remain a decisive factor in securing a sustainable recovery. Low interest rates and reduced regulation will also go a long way to creating an environment that encourages enterprise and wealth creation.”
Economic Recovery
Despite the positive news, Longworth also added that the U.K. economic recovery still faced many challenges, and while businesses are “bouncing back” he warned that the economic recovery might face a set back “if political point scoring outweighs sound economic policies” Longworth also urged politicians from all parties to outline what they will do to make sure that business investment and growth continues over the long term.