Manufacturers across Britain are seeing their strongest performance for over 20 years in wake of the Brexit vote one year ago today, according to figures from the Confederation of British Industry (CBI).
The rise in orders from abroad is in part as a result of a weaker pound, which is making goods made in the UK cheaper for those buying abroad. The CBI reported that order books in June climbed to the highest level since 1988, while demand for exports hit a 22 year high, according to The Times.
While the figures for fashion and clothing manufacturing were not specifically stated, the rise has been relatively consistent across all manufacturing sectors in the UK, with 13 of the 17 manufacturing sub-sectors reporting a “broad based improvement”, and signals a general trend in demand for British made goods.
“Britain’s manufacturers are continuing to see demand for ‘Made in Britain’ goods rise with the temperature. Total and export order books are at highs not seen for decades, and output growth remains robust,” said Rain Newton-Smith, chief economist for the CBI.
A total of 467 manufacturers were surveyed in June, with 16% reporting total order books above average in June 2017, which is the highest reading in 29 years.
“We continue to expect solid manufacturing and export growth to help to offset the slowdown in consumer spending growth this year,” commented Andrew Wishart, assistant economist at Capital Economics. “The strong headline figure appears to have been driven by a rise in export orders, suggesting that the fall in the pound is still boosting demand for UK manufacturers”.