UK manufacturers enjoy post-Brexit surge in orders: survey
Britain’s factories are growing at their fastest pace in more than three years, helped by the fall in the value of the pound after the Brexit vote and a recovery in core markets in Europe, a survey showed on Monday.
The survey, by manufacturing lobby group EEF and consultancy BDO, added to signs that British factories are enjoying a growth spurt, something that Brexit supporters said would be one of the early benefits of leaving the European Union.
However, many economists say the revival is unlikely to offset fully the impact on the economy of slower consumer spending as sterling’s fall pushes up inflation. Manufacturing accounts for about 10 percent of Britain’s economy.
“The post-referendum wobble that defined UK manufacturing’s performance in the second half of 2016 has been left firmly behind with manufacturers now rallying far more strongly than even they had predicted,” EEF chief economist Lee Hopley said.