Britain’s manufacturing industry is undergoing a massive resurgence thanks to a significant increase in the number of export and domestic orders, figures have revealed.
The British Chambers of Commerce (BCC) said manufacturing exports have particularly excelled, despite no concrete evidence suggesting that the weak pound has been a contributing factor.
A net balance of 29 per cent of manufacturers said their export sales were rising, according to its report.
A net balance of 24 per cent of manufactures also said their domestic sales were rising – the strongest level since the start of 2015.
The industry is likewise expanding to accommodate the growth, with 71 per cent of bosses trying to take on more staff, up from 65 per cent in the previous quarter.
Meanwhile, the services sector – the bedrock of the British economy – reported a net balance of 19 per cent of businesses which said they saw growth.
The figures come shortly before the Chancellor is due to set out his vision for the country in November’s Autumn Budget.
“The Chancellor’s Autumn Budget is a critical opportunity to demonstrate that the Government stands ready to incentivise investment and support growth here at home.
“A failure to act, or a conscious choice to provide a short-term sugar hit to the electorate rather than the protein boost the economy needs, would have significant consequences for the UK’s medium-term growth prospects.
“Now is the time to take bold action, and create the conditions to help the economy rebound from a period of anaemic growth. Government must demonstrate competence, coherence, and above all a clear plan to support the economy through a period of change.”