Friday Brief Intro 04/11/2022

Good afternoon and welcome to the first Friday Brief of the month! We hope you’re ready for a great November!

To kick of the newsletter, we’d like to invite you to join MTA Associate Member Irwin Mitchell on their free webinar to find out more about these issues and the things you need to keep an eye out for. Supply chains often present a number of issues and challenges for manufacturers so please take a look at the story below to find a list of what will be covered in the webinar.

The CBI has produced a report: Made in the UK: How manufacturing has a vital role to play in the UK’s growth story. To view a list of recommendations and a link to the full report please go to the story below.

EAMA has written to Rishi Sunak, congratulating him on becoming prime minister and recalling the priorities he set out early this year: “Capital. People. Ideas”. It offers support. EAMA argues that, despite fiscal pressures, capital investment in infrastructure projects is needed from government to support vital investment by businesses, not only in equipment but also in skills. EAMA urges more flexibility in the apprenticeship levy but says the greater skills challenge is for SMEs. Read more on the letter to the prime minister below.

Last month, BEIS launched a review of the UK’s approach to net zero, led by Conservative MP Chris Skidmore. That review continues, unaffected by the changes in government, and EAMA has responded to the call for evidence. Take a look at EAMA’s response below.

The Engineer, Eureka!, Manufacturing Management, Machinery and New Electronics represent five brands in engineering media and between them, they cover the manufacturing cycle from design to production. The 2023 Engineering & Manufacturing Awards will offer a showcase for the very best that UK engineering has to offer. Check out more details on the awards and a link to enter in the story.

There’s just one month to go to register for Europe’s largest manufacturing technologies exhibition. Taking place from 18th- 23rd September 2023, Exhibitors travel to EMO Hannover from all over the world and from all sectors of metalworking technology. Go to the story to find a link for all the information you need. Make sure you don’t miss out on securing your location now.

Before we come to this week’s economic news, a note to say that owing to a technical issue, last week’s article did not make it into your email. You can find this article, which covered the CBI Industrial Trends Survey results, including the latest investment intentions data, and the European Commission’s Economic Sentiment Indicator at https://www.mta.org.uk/resources/economic-news-101.

Also, please note that we have updated the presentations from Ben May and Jeremy Leonard from our recent Forecast Seminar so these now include notes on the various slides. This will be especially useful for those who were unable to attend the event and you can access these, as well as the other presentations and forecast documents in the Members Area of the MTA website at https://www.mta.org.uk/members-area/mta-forecast-documents – you will need your login and password to access this.

Two issues dominate the economic news this week with the increase in UK (and US) interest rates and the gloomy set of results from the manufacturing PMI survey. We take a detailed look at both of these in separate articles this week, with the interest rate article including a summary of the key points from the Bank’s Agents latest report. In other economic news, we cover the initial estimate for European GDP in the 3rd quarter (the UK data is out next Friday) and, with JIMTOF taking place next week, we report on the latest orders situation for Japanese machine tool manufacturers.

Finally, the October edition of the MTA Business Survey is underway and you can access the questionnaire at www.mta.org.uk/mta-business-survey-oct22. We have a couple of extra questions this month about the implementation of the UKCA mark to help us understand where UK suppliers are placed with this – remember it will affect importers just as much as manufacturers as you will become responsible for placing the goods on the GB market (Northern Ireland will still be covered by the CE mark).

That concludes the Friday Brief this week! We hope you all have a great weekend and we look forward to ‘seeing’ you again next week!

PURCHASING MANAGERS INDEX FOR MANUFACTURING

The Purchasing Managers’ Index (PMI) data for manufacturing for October generally shows a decline from the September readings with the global PMI compiled by J P Morgan using the data from S&P Global down again to a 28-month low of 49.4 – if we exclude the pandemic period, it is the lowest since 2012. Output […]

Just Under One Month to go to Register for EMO 2023

There’s just one month to go to register for Europe’s largest manufacturing technologies exhibition. Taking place from 18th- 23rd September 2023, Exhibitors travel to EMO Hannover from all over the world and from all sectors of metalworking technology. With a share of foreign exhibitors running at approximately 60%, EMO Hannover is the world’s most international […]

Engineering & Manufacturing Awards- Now Open

The Engineer, Eureka!, Manufacturing Management, Machinery and New Electronics represent five brands in engineering media and between them, they cover the manufacturing cycle from design to production. What all these brands have in common is a commitment to focusing on, amplifying and celebrating the achievements of engineers of all disciplines and manufacturing of all types. And that is […]

Net zero consultation response

EAMA letter to Rishi Sunak

CBI report on manufacturing

The CBI has produced a report: Made in the UK: How manufacturing has a vital role to play in the UK’s growth story. Recommendations include: full expensing (100% first-year capital allowances) to boost investment make Made Smarter a UK-wide programme by 2024 increase support for SME exports apprenticeship levy reform to allow it to be […]

Webinar: The Impact of Supply Chain Issues on Manufacturers

Tuesday 22 November 2022 10:00am – 11:00am Supply chains often present a number of issues and challenges for manufacturers. Join MTA Associate Member Irwin Mitchell on their free webinar to find out more about these issues and the things you need to keep an eye out for. The session will cover: The current UK economic […]

ECONOMIC NEWS

European GDP, 3rd Quarter 2022: The preliminary flash estimate of GDP published by Eurostat showed much slower growth than in the previous two quarters but, slightly surprisingly, it was still positive; quarter-on-quarter growth in GDP for both the EU and the sub-set of the Euro-zone countries was +0.2%. This means that compared to a year […]

MPC VOTE TO INCREASE UK INTEREST RATE

The Bank of England’s Monetary Policy Committee (MPC) voted 7-2 to raise the Bank Rate by 75 basis points to 3.0% – the exceptions were one member who preferred a 50bp increase and another who voted for only 25bp higher rate. This decision did not come as any surprise as the MPC is solely focused […]

Friday Brief