Insurance award
EEF won the prestigious ‘Broking Initiative of the Year’ award at the British Insurance Awards for our groundbreaking insurance scheme which has saved companies substantial sums on their premiums by rewarding best practice. EEF Insurance Services (EEFIS) was set up in response to escalating premiums and because companies felt they weren’t being rewarded for the investments they have made in health & safety processes to reduce their risk. The innovative scheme has been developed in partnership with R K Harrison, a leading independent broker and comprises a panel of four of the UK’s leading insurance companies: Norwich Union, Travelers, AXA and Allianz. Launched in July last year, members who have converted to EEFIS have saved up to 46% off their existing premium with one company saving over £100,000.
Companies can find details of the scheme at
www.eefinsurance.co.uk/
Ministerial Advisory Group
EEF Chairman, Martin Temple, attended the latest meeting of the Department for Business, Enterprise & Regulatory Reform Ministerial Advisory Group. The group is chaired by the Minister for Competitiveness, Baroness Vadera and is comprised of senior representatives from companies and the main business groups and examines high level issues related to the manufacturing strategy. Of key interest this week was elements of government support for science and innovation and the role of the Technology Strategy Board. Innovation is currently a key policy area for EEF and we will shortly be publishing our first Innovation Monitor of activity within manufacturing. For further information contact Senior Economist Jeegar Kakkad
Interest rates
We accepted the decision to leave interest rates on hold, recognising that the Bank is now in a difficult position and fighting on two fronts – rising inflation and preventing recession. For the moment, we believe a slowing economy and moderate wage growth should keep a lid on inflationary pressures but also recognise that the balance of risk is fast moving towards the need to prevent a more significant downturn. We are constantly monitoring the situation from our regions and if the economic slowdown gathers pace will be urging the Bank to take swift action to cut rates once again. For further information, contact Chief Economist Steve Radley
High Value Manufacturing
Large parts of UK manufacturing are outperforming the rest of the economy and are well prepared to weather the current economic situation according to a report on high value manufacturing we have published with business advisers BDO Stoy Hayward. The report ‘Modern Manufacturing – The High Performers’ contains newly published analysis revealing the top twenty high performing sectors within the sector. The research shows that not only are many sectors high-performing in the UK, but are reporting stronger growth rates than their equivalents in France and Germany. The analysis also examines the strategies companies are adopting for success including technology-driven responses to globalisation, in addition to innovations in process, design and services. The report is available from our website eef.org.uk. For further information, contact Head of Economic Policy Lee Hopley
lhopley@eef.org.uk