Manufacturers benefit from competitive foreign exchange rates

UK manufacturers have seen their export sales increase thanks to favourable foreign exchange rates.

According to the latest figures from the British Chambers of Commerce (BCC), sales were up by 11 points to 31 per cent in the second quarter of the year.

This was the highest level of growth since the third quarter of 2006.

The BCC said it comes as an indication that exporters in the UK are benefiting from more competitive rates of exchange.

David Frost, director general of the group, said the positive manufacturing figures provide encouragement that the UK's economic recovery is on the right track.

The BCC's chief economist David Kern added that the government must focus on rebalancing the economy in order to ensure future growth.

To do this, it must put investment and exports at its heart, he remarked.

Sterling rose against the dollar today (July 6th) but fell against the euro, Reuters reported.

Posted by Sarah Pitton

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