The Confederation of British Industry's 'Industrial Trends Survey' showed that manufacturer's output grew in July, which could be down to the recently devalued pound. Over 50% of the improved export orders came from chemical manufacturers. The report states that less than a third of the sub-sectors that participated in the report had export orders lower than normal.
CBI Head of Economic Analysis and Surveys, Anna Leach, said:
“It’s good to see manufacturing output growth coming in stronger than expected, and some signs that the fall in sterling is helping to bolster export orders. But the pound’s weakness is a double-edged sword, as it benefits exporters but also pushes up costs and prices.”
“The most significant effects of the vote to leave the EU will flow over the medium to long-term. Therefore firms need to see ambitious decisions in the Autumn Statement that will secure the UK’s economic future as changes to trade, regulation and access to skills loom on the horizon.”
Read the CBI report below: