The UK manufacturing sector is in a good position to see strong growth this year.
That is according to Jim O’Neill, chief economist of the the leading global investment firm Goldman Sach’s, who said that the devalued British pound has increased UK competitiveness, according to Bloomberg’s Business Weekly.
Speaking at a conference in London, he said: "The pound having fallen shortly means in quite a few realities, that UK manufacturing is probably in the most competitive position it’s been in the past 25 years," reports the news provider.
In addition, he claimed it is more conceivable that the UK cyclical recovery could be stronger than current figures suggest.
The decline in the value of the pound, he predicts, could and may strengthen the economic recovery within the manufacturing sector.
Firms selling bulk handling machinery could be benefiting from issuing stock to suppliers both in the UK and overseas as machinery is available at a cheaper price from British sellers, taking into account the current exchange rate.
One of the fastest growing manufacturing sectors is the recycling and waste handling industry which has been given a huge boost by government targets to cut municipal waste levels.
Conveyors – screw conveyors – chain conveyors – belt conveyorsJames Smith