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Confident manufacturers look forward to a surge in new orders

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Manufacturers in the region are in confident mood and are set for a surge in new orders in coming months, despite a mixed overall picture and a weak economy.

According to the Q4 manufacturing outlook survey from Make UK and BDO, ‘output and orders are set to pick up substantially in the second quarter of the year with orders in the next three months especially strong, the second highest of any English region.’ Chris Corkan, region director for the East of England at Make UK, said: “After the economic and political shocks of the last few years there is now strong confidence among manufacturers in the East of England, despite the mixed picture. While growth in the economy is not exactly supercharged, the positive announcements in the Autumn Statement and Budget can at least allow them to plan with more certainty for the future.”

However, the survey also shows recruitment intentions and investment prospects have turned negative for the next three months. Make UK is forecasting growth for manufacturing of just 0.1 per cent in 2024 and 0.8 per cent in 2025.

Keith Ferguson, head of manufacturing at BDO in the East of England, added: “Manufacturers in the East of England have continued to show their ability to overcome wave after wave of challenges, but they cannot continue to do this indefinitely without some more long-term support from the government….”

Last Updated ( Wednesday, 03 April 2024 07:35 )