UK posts sustained manufacturing rebound, upbeat investment
British manufacturers have boosted their hiring and investment as the country emerges from the coronavirus pandemic. The series of increase seen in the manufacturing sector could be attributed to an increase in new orders, an industry survey showed on Monday.
Trade body, Make UK, and Accountants BDO reported an expansion in their manufacturing output, the sharpest level their factory gauge had recorded in 30 years. The reading came parallel with other business surveys, indicating that the country’s economy was gaining momentum.
While there was a jump, official data showed that manufacturing output was still 2.4% below its pre-coronavirus level. Make UK then predicted that it would take two more years for the country to fully recover, a reading that prompted the company to raise its 2021 growth forecast from 3.9% to 7.8%.