Friday Brief (15/03/2024) W11

Good afternoon and welcome to this week’s Friday Brief. With MACH 2024 right around the corner, who else is feeling the buzz of excitement in the industry?

Today we would like to begin the newsletter with a note from HMRC. HMRC is planning to introduce a pair of important changes to the way supplementary declarations are completed and deferred duty is paid. The changes had been revealed as part of chancellor Jeremy Hunt’s 2023 Spring Budget, with this weeks’ announcement confirming the time on which they will enter into force. Check out more details in the story below.

Euler Hermes Economic Research measures the risk of non-payment by companies in a given country. This risk is due to conditions or events outside any company’s control. The overall evaluation is made of two elements: Country Grade and Country Risk. The ratings are for December 2023. More details about Country Grande Rating can be found below.

The MTA has a new Standards Update Booklet which provides information on BSI committees the MTA attends, the standards under revision in each committee and the development stage of each standard under revision. Find a link to the booklet in the story below.

2024 is the year of unprecedented employment law change – with lots of those changes coming into force in April and beyond. Keeping up with it all isn’t easy, and if you’ve ever wished you could have an expert explain it all to you, you’re not alone. Luckily, Citation are doing just that. Join them on Thursday 21 March at 10am for an exclusive business briefing covering everything you need to know to get prepared for these changes. Guided by our host Flora Neville, you’ll discover everything there is to know and get ready to face what 2024 has in store. Find out all the details in the story.

Join MSP and Productive Machines on the 21st March at 9.30 am for a networking event at NIKKEN Innovation Centre Europe (NICe) located on the Advanced Manufacturing Park in Rotherham. This event will showcase advanced technologies for precision engineering to optimise CNC machine set ups and produce better parts with your existing equipment. Check out who will be presenting in the story below.

The economic news this week is split into two articles – one for UK news and the other covering Europe and the USA. The UK article looks at the manufacturing output and monthly GDP data for January and while neither are exciting, they do at least point to some growth and, for the whole economy, a sign that the recession at the end of 2023 is probably over. The other article has the industrial production data for Europe along with an update on the Q4-23 GDP figures which have been edged down; it also includes the January figures from the orders surveys of the US market for machine tools and cutting tools – both of these may be at a turning point.

Finally, the MTA Business Survey for February will be closing next week but the secure online form at www.mta.org.uk/mta-business-survey-feb24 is still open for your input – we hope to hear from you. Also, for AM-UK members, the biannual European AM Trends Survey is also underway and although there is a little more time on this, please take a couple of minutes to let us have your input – the secure online form for this is at https://www.mta.org.uk/additive-manufacturing-trends-survey-spring-2024.

That concludes the Friday Brief for the week! We hope you all have lovely relaxing weekends and we look forward to sharing more stories with you next week.

ECONOMIC NEWS – INTERNATIONAL

European Industrial Production, January 2024: Eurostat has also published its data although they use Industrial Production (IP) as the top-level aggregate; while the largest part of this is the manufacturing sector, it also includes energy and utilities (but not construction) and the breakdown of the total by sector misses out having a figure for manufacturing. […]

ECONOMIC NEWS – UK

UK Manufacturing Output , January 2024: The manufacturing output data for January 2024 published this week by the Office for National Statistics (ONS) showed no change compared to December 2023 in the seasonally adjusted figures. The level of output in January was at 95.0% of its pre-pandemic peak – for the monthly series this is […]

Join MSP, Productive Machines and Nikken at MAKE UK event

Join MSP, Productive Machines and Nikken on the 21st March at 9.30 am for a networking event at NIKKEN Innovation Centre Europe (NICe) located on the Advanced Manufacturing Park in Rotherham. This event will showcase advanced technologies for precision engineering to optimise CNC machine set ups and produce better parts with your existing equipment. There […]

WEBINAR INVITE | Latest Employment Law changes briefing

MTA Standards Booklet – March 2024

Dear Member, Please find a link below to Standards Update Booklet which provides the following information: This document is updated and distributed every 3 months. It is available via the MTA’s Friday Brief and on our website. If you are interested in becoming part of any of the BSI committees the MTA participates in, have […]

COUNTRY RISK AND SECTOR RISK OF NON-PAYMENT BY COMPANIES

COUNTRY RISK OF NON-PAYMENT Euler Hermes Economic Research measures the risk of non-payment by companies in a given country. This risk is due to conditions or events outside any company’s control. The overall evaluation is made of two elements: Country Grade and Country Risk. The ratings are for December 2023. Country Grade is a medium-term […]

HMRC announces date changes around supplementary declarations and duty deferment.

HMRC is planning to introduce a pair of important changes to the way supplementary declarations are completed and deferred duty is paid. The changes had been revealed as part of chancellor Jeremy Hunt’s 2023 Spring Budget, with this weeks’ announcement confirming the time on which they will enter into force. The Joint Customs Consultative Committee […]

Friday Brief