According to CIPS and the Office of National Statistics, British manufacturing is enjoying a mini renaissance, but according to the CBI, order books are still down on a year ago. But even the CBI, the bears of the manufacturing business, are looking decidedly optimistic about the future.
According to the latest CBI industrial trends survey, the difference between the number of manufacturers saying order books are up on a year ago, and those saying were down is minus 11 percent. It’s bad that the index is still negative, but according to our record of the CBI index, its the best score since February last year.
But the real hope comes from exports. According to the CBI “Export orders, by contrast, rose for the first time in a year, with a balance of seven per cent reporting an increase over the past three months. This was driven largely by demand for intermediate goods such as components, parts and building materials. A balance of 13 per cent of firms expect export orders to increase over the next three months; if this expectation is realised, this would see the fastest growth in export orders since 1995.”
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