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UK manufacturing set for revival
A miniature revival in the UK's manufacturing industry is set to happen, according to a new report.
Looking to the future, Roger Bootle, an economic adviser with Deloitte as well as the managing director of Capital Economics, said there could be a resurgence in the industry after the country re-emerges from the effects of the recession.
He expected the share of the economy which manufacturing accounts for to rise from 11 per cent to 13 per cent, while a lack of confidence and trust in the financial sector will see it shrink by three per cent of gross domestic product to five per cent.
Despite Alistair Darling's prediction that the economy will begin to recover in 2010, Mr Bootle does not believe this change will happen until after next year, predicting a further shrink in the GDP of five per cent over the next two years.
Precision engineering and other industries will still thrive after this period, with the expert labelling the sector the "star of the show".
The report follows on from the Confederation of British Industry, which revealed that manufacturing output has taken its sharpest since 1975, when it started recording such figures.
Looking to the future, Roger Bootle, an economic adviser with Deloitte as well as the managing director of Capital Economics, said there could be a resurgence in the industry after the country re-emerges from the effects of the recession.
He expected the share of the economy which manufacturing accounts for to rise from 11 per cent to 13 per cent, while a lack of confidence and trust in the financial sector will see it shrink by three per cent of gross domestic product to five per cent.
Despite Alistair Darling's prediction that the economy will begin to recover in 2010, Mr Bootle does not believe this change will happen until after next year, predicting a further shrink in the GDP of five per cent over the next two years.
Precision engineering and other industries will still thrive after this period, with the expert labelling the sector the "star of the show".
The report follows on from the Confederation of British Industry, which revealed that manufacturing output has taken its sharpest since 1975, when it started recording such figures.
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