UK Politics

Conservative Party: Record manufacturing growth helps rebalance UK economy

News   •   Feb 02, 2011 10:48 GMT

UK manufacturing in January expanded at its fastest pace since records began in 1992, according to a survey by the Chartered Institute of Purchasing and Supply (CIPS).

Employment in the manufacturing sector also rose at its fastest pace in 19 years, beating expectations.

David Noble, Chief Executive Officer of CIPS, said ‘UK manufacturing steamed ahead in January as the sector continues to expand quicker than even the most optimistic amongst us could have predicted. As well as improved market conditions abroad, demand in the UK market also showed signs of growth. This is the much needed kick start to 2011 everyone in the sector was hoping for’

A Treasury spokesman said: ‘These record survey readings are more evidence that the manufacturing sector continues to grow strongly, after contributing positively to growth in every quarter last year.

‘A growing manufacturing sector is vital if we are to rebalance the economy towards trade and investment, in order to have sustainable growth.”