Fifty five per cent of the UK’s manufacturing businesses are confident about their prospects for 2013 despite concerns surrounding recovery in the eurozone, claims a new report.
Conducted by YouGov on behalf of Baker Tilly, the Your Outlook for 2013 — a business survey polled more than 800 business leaders across the country about their expectations, opinions and priorities for the coming year.
According to a statement, the latest phase of results from the survey showed that manufacturing was one of the most confident sectors, with 44 per cent of businesses expecting an increase in sales for 2013.
Despite 48 per cent saying that cost cutting would be their main business strategy in an effort to increase profit levels over the next year, 46 per cent said that developing new products and services was a key to their business over the next 12 months.
For many the continuing economic problems within the eurozone were a cause of concern, with 57 per cent seeing it as a primary threat to their business over the coming year.
Rob Donaldson, Baker Tilly’s head of M&A and private equity, said: ‘Manufacturing clearly has a big part to play in the recovery of the economy and it is encouraging to see that over half of businesses within this sector have such a positive outlook for 2013.
‘One would hope this could provide a catalyst for a desperately needed investment-led recovery to begin, and the government can and must help this vital sector.
‘Keeping taxes and regulation low, financing conditions stable and avoiding a confidence-sapping debate over our future in Europe, will all help support the nascent recovery that we believe, slowly, is gaining momentum.’
Full results are available here.