MHA: UK manufacturing has a more confident feel

Ginni Cooper, manufacturing partner at MHA comments on today’s S&P Manufacturing PMI data:

“The July PMI figures marginally below forecast continue a trend we have seen all year with a UK manufacturing sector growing despite ongoing volatility in global commodity prices and political instability domestically. Manufacturers are by their nature positive and adaptable to change and these past few months have tested both.

“It remains early days for the new Prime Minister, but the sector has welcomed the new mood music and action coming from Number 10 (or Number 10s) and in particular the recent announcements on vocational training for schools which MHA has called for over the past few years and will be overwhelmingly endorsed by manufacturers. Our recent report on UK manufacturing highlighted the importance of local partnerships with colleges in building longer-term skills pipelines for the sector.

“Whether it is a Burnham bounce, the warm weather, or the summer holiday season there is a sense of cautious optimism among many UK manufacturers. It is not universal and some of the growth is still down to customers being cautious and stockpiling ahead of further disruption but compared to twelve months ago it is a sector with a more confident feel as we head into autumn. If those positive feelings last beyond the summer that could turn into renewed investment and capital spend which would significantly bolster manufacturing in the longer term.”

Among its UK locations, accountancy and business advisory firm has offices in Aberdeen and Edinburgh.

For further information, visit www.mha.co.uk