Manufacturers remain positive - despite credit crunch

Held at the EEF Northern offices in Washington attendees listened intently to expert Global Economist Ian Sheperdson. Ian stated that the UK will “avoid an outright recession”. However, Ian, Chief US Economist for High Frequency Economics, added that “there will be a long period of slow growth, potentially one to two percent for several years”.

Feedback from the region’s manufacturers was one of cautious optimism. EEF Northern President and Chairman at Clark Door Ltd, Paul Ashley, stated “the storm clouds gathering in the US are not having an adverse impact upon my manufacturing business”.

Amongst reports of an excellent year in 2007 for a number of the region’s manufacturers concerns over the uncertainty were expressed. Mr Ashley added “I find it hard to believe that there will not be some adverse impact from the credit crunch debacle” but stated that he will “remain optimistic about the performance of manufacturing”.

Alan Hall, Director EEF Northern, supported Mr Ashley’s view “it is impossible to predict how manufacturers in the North of England are going to be affected. However, many of our members had an excellent year in 2007 and, at this stage, 2008 has got off to a good start with order books filling up across the region. I have no reason to believe our manufacturers are going to struggle”.

The AGM showcased an excellent year for EEF Northern that was recognised by being voted the Best for Business Support by The Manufacturers’ Magazine, for the sixth year running.

Notes for editors

For more information contact jenniferrussell@eefnorthern.org.uk 0191 4165656

Images

1 - Ian Shepherdson Chief US Economist for High Frequency Economics

2 – Paul Ashley President EEF Northern

Notes to editor

- Ian Shepherdson, who hails from the North East, is an expert on both the US and UK economies.

- High Frequency Economics is a prominent independent economic research firm based near New York.

- Ian’s views on economic growth, interest rates and exchange rates are sought by financial market professionals in more than 200 institutions.

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EEF Northern has more than 500 member companies in the North of England and provides the most cost effective legal, employment law, employee relations and HS&E advice and training in the UK.

EEF Northern employs teams of HR and employment specialists and has access to more than 60 lawyers and barristers to help its members understand the issues associated with the ever increasing introduction of legislation and regulation.

Membership of EEF Northern gives immediate unlimited access to the team of specialists - including the largest specialist employment law team in the UK, which provides professional no-nonsense advice and guidance either by telephone or in person.

In addition, EEF represents the interests of its members at UK Government, European and international level, and can provide advice and support on issues and legislation that can affect almost every aspect of business.

Visit www.eef.org.uk/northern for further information.