The UK manufacturing sector continued to grow in March 2014, albeit at a slower rate, according to analysts PricewaterhouseCoopers (PwC).
Darren Jukes, PwC UK manufacturing leader, comments: “There is continued good news for the UK manufacturing sector, despite growth figures coming in at over a full index point below forecasts. Read within the context of strong growth over the last 12 months and coupled with the Budget's support for manufacturers, confidence should, and will, remain high.
“The domestic market remains strong, shifting the balance from the UK as a consumption-based economy towards a more sustainable situation of producing more of the goods we sell and consume. This will provide a boost to the overall economy.
“Headcounts continue to rise to support this demand and I expect that the £7 billion package to cut energy costs announced in the Budget will have a positive knock-on effect on employment. However, suppliers need to respond faster to the pressure on obtaining raw materials. Vendor delivery times are still lengthening, so investment here is crucial in order to clear backlogs and get Britain's manufacturers working at full capacity.”
