The extent of the squeeze on manufacturing companies created by the economic downturn is now clear, with the number of companies deferring their settlement or, freezing pay, having risen sharply to nearly 1 in 4 of all settlements in the last three months according to figures from EEF, the manufacturers’ organisation. 19/11/2008
Commenting on today's announcement, EEF Chief Economist, Steve Radley, said: "Manufacturers are always keen to see efforts to cut waste in government spending and reduce the tax burden. But today their priority is not spending totals two years ahead but surviving the most severe economic downturn for at least two decades. Right now they are looking for urgent action to prevent the economy lapsing into a severe recession, stave off large scale redundancies and avoid many well-run businesses going under." 19/11/2008
Commenting on today's economic proposals by the Conservative Party, EEF Chief Economist, Steve Radley, said: "At a time when we are facing a wave of job losses, proposals focused on helping people back into work are missing the mark. The number one issue for companies right now is the need to maintain cashflow. Whilst the proposal to bring down the small company rate of corporation tax is helpful, funding this by removing support for investment is a further squeeze on cashflow. Given the speed of change we are witnessing we need far bolder measures which provide a real fiscal stimulus to the economy." 11/11/2008
Today’s 1.5% cut in interest rates is a welcome bold move by the Bank of England and passes the baton for further measures to the government in its forthcoming pre-budget statement according to EEF, the manufacturers’ organisation. 06/11/2008
Today’s announcement of a fundamental reform of business support schemes is a welcome step towards sweeping away the clutter and confused landscape of support which currently exists according to EEF, the manufacturers’ organisation. 24/10/2008
EEF, the manufacturers’ organisation, welcomed today’s announcement of measures to help business address the current economic turmoil but urged the government to go further in the forthcoming pre-budget statement with proposals to maintain cashflow and investment. 21/10/2008
EEF, the manufacturers’ organisation has urged companies to take the opportunity provided by European Health & Safety week which begins today to review their health & safety practices, in particular how they assess risks , the main theme of the week. 17/10/2008
Manufacturers are battening down the hatches in response to the current economic situation by deferring or freezing pay awards and reducing the level of those which are settled according to EEF, the manufacturers’ organisation. 17/10/2008
Britain ’s manufacturers have strongly endorsed today’s announcement for significant restructuring of some UK Banks and plans to help free up liquidity in the financial markets. 13/10/2008