South East manufacturers increase productivity following Bank of England's call to action
The recent Bank of England’s call for improving productivity appears already to have been answered by small and medium manufacturers in London and the South East, according to stats from the latest Manufacturing Advisory Service (MAS) Barometer.
MAS revealed that over half of the companies in the South East (53%) felt that they had raised their productivity in the last six months with three quarters (75%) admitting further efficiency gains were necessary in order to remain competitive.
Cautious optimism is the overarching sentiment among the 291 respondents within London and the South East.
Many manufacturers are prepared to spend to make this happen, as 62% who responded said that they were already planning to invest in new technology, machinery or premises.
Steven Barr, Head of MAS said: “Our Barometer shows that manufacturers are already raising productivity and this should please the Bank of England following recent recommendations.
“This is welcome news at a time when there are mixed messages around economic activity, with the UK holding up relatively well against a less than positive outlook from our Eurozone trading partners.”
This was posted in Bdaily's Members' News section by Ellen Forster .