Euler Hermes comments: UK Manufacturing PMI – August


Shannon Murphy, assistant head of risk underwriting at Euler Hermes, the world’s leading trade credit insurer, said:

Despite the positivity, manufacturers are telling us that the battle against rising costs caused by the weaker pound is leaving little room for comfort on margins despite strong order books. The risk of failure in supply chains is increasing.But, the fall in Sterling and improving global economic conditions should see UK exports continue their robust performance in the short-term. British manufacturers have ramped up trade with US and Asian markets, together with the well-trodden routes to Northern Europe, as demand flourishes.
The softening language around Brexit has helped businesses in the sector release some of the shackles around investment plans, but uncertainty endures. The prospect of skill shortages, highlighted by the fall in net migration, is becoming a significant barrier to future growth and manufacturers need clarity from the government on EU workers’ rights.



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