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Monday 27th of July 2009
April 27, 2009

Manufacturing to create economic turnaround


by Peter Charalambous
”Manufacturing

According to Deloitte, the UK manufacturing sector will help stimulate and drive the UK economy to the path of recovery.

The latest report reveals that manufacturing could buffer the impact of a reduction in government and consumer spending.

It is predicted that manufacturing could increase by 4 percent to 15 percent of the economy’s share, while financial services could fall by 3 percent to just 5 percent.

The manufacturing sector will benefit from the weak pound and it is hoped that this will drive exports and allow the UK to grow in traditional areas, such as pharmaceuticals and aircraft production.

Roger Bootle, an adviser to Deloitte, believes the UK will emerge from recession with manufacturing at the spearhead of the British economy and it can be a proactive measure in reducing trade deficit and boosting aggregate demand.

Over the next few years, consumer spending will remain low and it is hoped that demand from expanding economies will see the UK through the recession.

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