Manufacturing 'could benefit from currency exchange rates'

Sterling's currency exchange rate could be of benefit to the UK's manufacturing sector.

The Office for National Statistics has revealed that there was an unexpected decline in industrial production during June.

Following this, the British Chambers of Commerce (BCC) suggested that "there is no room for complacency in the sector" until the economic recovery is on more certain ground.

However, despite the unexpected dip manufacturing, production remained 1.3 per cent higher compared with the same period last year.

David Kern, the chief economist at the BCC, said: "Although manufacturing is still enjoying a relatively competitive exchange rate, global problems, particularly in the eurozone, pose serious challenges.

"As well as an extended period of low interest rates, the government must ensure that it supports manufacturers by allowing them the freedom to invest, grow and create jobs."

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Posted by Sarah Pitton