Firms still spending

Capital expenditure in manufacturing held up well in the third quarter of the year, despite concerns over the strong pound and pressure on new orders, according to data from the Office for National Statistics. The ONS estimates overall capex for the period at £3.48bn, down 4.4% on the previous quarter, but 15.6% higher than the […]

Capital expenditure in manufacturing held up well in the third quarter of the year, despite concerns over the strong pound and pressure on new orders, according to data from the Office for National Statistics.

The ONS estimates overall capex for the period at £3.48bn, down 4.4% on the previous quarter, but 15.6% higher than the £3.01bn recorded in the third quarter of 1996 (using seasonally adjusted 1990 prices).

ONS data for expenditure in the subsector covering machinery and equipment showed even greater growth.

Some £1.21bn was spent during the third quarter, 21.8% up on the same period last year, but down on the £1.37bn spent in the second quarter of this year.