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13/08/2001
Smaller manufacturers under “extreme pressure”
The Confederation of British Industry (CBI) has said that smaller manufacturers are under "extreme pressure" as the global economic slowdown continues to hit Britain.
The CBI revealed the news in their latest survey which showed that output among small and medium sized manufacturers fell in the four months to July at its fastest rate since October 1999.
Overall some 40 per cent of firms surveyed were less optimistic about business conditions in July, while only 15 per cent were more upbeat.
However, the balance of confidence was slightly less than the figure which reported in the last survey, in April, during the height of the foot and mouth crisis.
Simon Bartley, Vice-Chair of the CBI's SME Council, said: "SME manufacturers are facing extreme pressure from the global slowdown. They continue to experience falling orders whether they are suppliers to larger UK manufacturers or directly to US or international companies.
“Although the latest cut in interest rates may avert further declines in confidence, SMEs are reliant on an improvement in the global market for an upturn in business and an increase in investment."
The news follows the recent report that Britain’s manufacturing sector was now in a technical recession. (MB)
The CBI revealed the news in their latest survey which showed that output among small and medium sized manufacturers fell in the four months to July at its fastest rate since October 1999.
Overall some 40 per cent of firms surveyed were less optimistic about business conditions in July, while only 15 per cent were more upbeat.
However, the balance of confidence was slightly less than the figure which reported in the last survey, in April, during the height of the foot and mouth crisis.
Simon Bartley, Vice-Chair of the CBI's SME Council, said: "SME manufacturers are facing extreme pressure from the global slowdown. They continue to experience falling orders whether they are suppliers to larger UK manufacturers or directly to US or international companies.
“Although the latest cut in interest rates may avert further declines in confidence, SMEs are reliant on an improvement in the global market for an upturn in business and an increase in investment."
The news follows the recent report that Britain’s manufacturing sector was now in a technical recession. (MB)
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