AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,809 Increased By 41.1 (0.42%)
BR30 29,711 Increased By 311.1 (1.06%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

LONDON: British manufacturers are optimistic over the 2022 outlook but fear fresh Brexit fallout one year after the nation’s departure from the European Union, a survey showed Monday.

Industry body Make UK, representing 20,000 manufacturing companies across Britain, revealed the findings of its survey of 228 firms conducted with consultancy PwC.

The survey concluded that manufacturers “are more positive about the growth outlook as they enter 2022, with greater confidence in the prospects for their own companies than either the global or UK economies”.

Almost three quarters of respondents “expect conditions in manufacturing to improve” this year despite the Omicron variant affecting some output. Two thirds insisted Britain remained a “competitive location” for manufacturing, but the same proportion also stated leaving the EU had hurt their business.

And 56 percent of firms believed more Brexit woes will materialise this year. Britain formally left the EU single market and customs union at the start of 2021.

“One year on from leaving the EU, two thirds of companies said that leaving had moderately or significantly hampered their business, with over a half of companies fearing a further impact this year from customs delays due to import checks and changes in product labelling,” Make UK said.

The manufacturing sector has also been hit by the ongoing global supply crunch — and soaring inflation caused largely by spiking energy costs.

“It’s testament to the strength of manufacturers that they have emerged from the turbulence of the last couple of years in such a relatively strong position,” added Make UK Chief Executive Stephen Phipson. “While clouds remain on the horizon in the form of rapidly escalating costs and access to key skills, the outlook is more positive for those that remain adaptable, agile and innovative.”

Comments

Comments are closed.