Justin Benson, a director in KPMG’s manufacturing practice, commented on the Markit/CIPS UK Manufacturing PMI figures published on Friday.
He said: “Today’s results are impressive for the UK’s manufacturing sector, as it continues to demonstrate robust growth in output, sales, new orders and jobs. The drivers are both domestic and export-led, with exports continuing to grow. Whilst the lower value of the pound is certainly helpful, higher input costs are casting a shadow over the numbers.
“However, this is an issue that the industry has been dealing with over the past year. There are more signs that increased pricing is down to scarcity of some commodities and components due to global demand rather than the lower value of the pound specifically.
“UK manufacturers are seeing growth across the globe, particularly in Europe, the US, China and Australia. The global economy is growing again and there are many opportunities to expand overseas, not just in the EU. With business confidence also at a three month high, manufacturing is where the action is.”
