Written by Jonny Williamson
The SME Trends Survey was responded to over 350 SME manufacturers with 22 percent left feeling optimistic with the business situation in the first three months of the year, the first time such optimism has risen for a year.
CBI also reported that overall new orders rose by eight percent and the next three months could see that number rise sharply, much in part due to rising domestic and export orders, 22 and 23 percent respectively.
After remaining static for the first quarter, employment is also thought to rise during the next quarter as businesses see output grow by almost a fifth.
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Chair of the CBI’s SME Council, Lucy Armstrong, stated:
“Small and medium-sized manufacturers are feeling more optimistic for the first time in a year, an encouraging development given the important role that they play in our economy. Indeed, firms expect orders and output to rise strongly in the coming quarter and plan to invest more in the year head, pointing to growing momentum in manufacturing activity.”
As the news of the country’s economy entering a double-dip recession resonates across the nation, the survey could offer a glimpse of hope and prosperity for the UK’s industry.
The Confederation of British Industry, CBI, is the UK’s prominent business organisation, representing almost a quarter of a million businesses that cumulatively employ a third of the private sector workforce. CBI utilises its offices across the UK, combined with bureaus in Brussels, Washington, Beijing and Delhi, to make sure the British business voice is represented across the globe.