‘Quiet optimism’ among manufacturers has been reported in a survey by the Engineering Employers’ Federation (EEF).
Executives predict investments, exports and profits will grow over the coming months. Chief Executive of the EEF, Terry Scuoler, said, ‘Manufacturers are telling us they expect to make a greater contribution to growth, investment and jobs this year’.
Reports by Lloyds Banking Group also suggest that business confidence is on the rise. Their survey of over 1,500 firms shows that confidence is at its highest in 20 years, with investment intentions at their highest level in 19 years.
Meanwhile, a separate survey of 122 chief financial officers suggests that bank borrowing is now the most attractive source of funding – with easier access meaning more planned expansion this year.
Chancellor George Osborne may draw on this news in Monday’s speech reaffirming that more spending cuts will be necessary in 2014.