LONDON- British manufacturers, spurred by rapidly increasing new orders, have stepped up their plans for hiring and investment as the economic recovery from the COVID-19 pandemic takes hold, an industry survey showed on Monday.
Trade body Make UK and accountants BDO said their quarterly gauge of manufacturing output rose at the fastest pace since the series started 30 years ago, chiming with other business surveys that show an accelerating economic recovery.
While this reflected a “rubber band” effect following the record-low readings seen last year, the strength of the upturn persuaded Make UK to raise its manufacturing growth forecast for 2021 to 7.8 percent from 3.9 percent previously.
“Manufacturing growth is now firmly accelerating as restrictions have been eased and economies around the globe have started to open up,” said Fhaheen Khan, senior economist at Make UK.
