国际英语资讯:Manufacturing sector continues to shine in British economy_时事

国际英语资讯:Manufacturing sector continues to shine in British economy

"The manufacturing sector was very much the bright spark of the economy in the third quarter, and is carrying on decent momentum into the fourth quarter," he said.

Archer added: "November's survey evidence from the CBI and the PMI was very healthy for the manufacturing sector and it seems to be ending the year pretty well. It certainly remains a bright spot for the UK economy."

There is a sterling effect going on in the British economy, with an influence felt from the large fall in the pound, from 1.48 U.S. dollars at the time of the Brexit vote to 1.22 U.S. dollars for much of the past year, and now at 1.34 U.S. dollars.

This is a benefit and a minus for the economy, providing a stimulus to exporters by making them more competitive but also handicapping some of the same exporters through increased raw material and supply chain costs.

Archer noted that the October manufacturing figures were lifted by production of cars for export, which had been boosted by the more competitive pound.

This is in contrast to the domestic British car market which is suffering badly as annual inflation of 3 percent against annual wage rises of about 2 percent subdue spending on big ticket items.

But the handicap of higher raw material costs and supply chain costs that sterling has provided is also resulting in a domestic stimulus.

Archer explained: "There have been some signs, and the Bank of England has noted this, that some businesses are switching to domestic suppliers because of the pound's weakness; that is another area where the manufacturing sector is benefitting because of people switching their supply chain from overseas to Britain because of sterling's drop."