UK car production hits six-year high

More than 1.5 million cars were made in the UK last year, a six-year high, according to the trade body the Society of Motor Manufacturers and Traders (SMMT).

Equating to one car made every 20 seconds, the 1.5 million cars produced in 2013 was a 3.1% increase on the previous year.

Sales in the UK had surged whilst demand across the world was robust, the SMMT said, with the UK likely to become the third biggest car maker in Europe in the near future, behind only Germany and Spain.

Production returning home to UK

More and more manufacturing firms are bringing their production lines back home to the UK, a new survey has revealed.

15% of SMEs are either in the process of bringing production back to British shores or have already done so, in comparison to just 4% last year.

Reasons stated for bringing production back home include bringing down costs (26%), improving quality (20%) and reduce lead times (18%). But despite reducing costs associated with production at home, the high cost of domestic labour still remains a barrier for many.

Economic growth continues as survey data points to broad recovery

New survey data has suggested that the UK economy is continuing to grow at record speeds, whilst the upturn remains broad-based and sustainable.

This is good news for all small-to-medium-sized enterprises (SMEs) across the sectors as a broad-based economic upturn indicates a more balanced and sustainable economic picture going forward.

UK manufacturing continues growing

The UK manufacturing sector has grown for the sixth month in a row, consequently recording its best quarterly performance for more than two years, according to a new survey.

The Markit/CIPS Purchasing Managers’ Index fell slightly to 56.7 in September, down on 57.1 recorded in August, but was still significantly above the figure of 50 which indicates expansion.

Output growth and new orders both remained high in September, prompting further optimism that the sector’s strong performance indicates a rebalancing of the UK economy.