THE VAST majority of UK manufacturers are picking up the pace of investment, according to a new survey out today.
The survey of 750 UK businesses with a turnover of £2m to £25m was carried out by Lombard Asset Finance for EEF, the manufacturers’ organisation.
Seventy-one per cent of manufacturers surveyed said that they felt more confident than a year ago, and nearly all (95 per cent) of respondents said they were increasing investment to improve productivity.
Seventy-two per cent said they were “investing to secure future growth or to replace aging equipment”, while 68 per cent of respondents said they were investing more in boosting export activity. Just one per cent of manufacturers polled said they were investing less than 12 months ago.
Commenting on the results, EEF chief economist Lee Hopley said: “UK manufacturers’ on-going commitments to invest in technology, skills and innovation provide positive signals about the sector’s future growth and productivity prospects.”