Commenting on the latest IoP data published today, Zach Witton, Deputy Chief Economist at EEF, the manufacturers’ organisation, said:
“Today’s data marks a disappointing start to the final quarter of the year, with the lingering impact from the crude oil price on investment in the North Sea dragging some sectors down. Yet there was divergence across sectors, with pharmaceuticals benefiting from the recent end of the patent cliff, and solid domestic demand continuing to support motor vehicles.
“Looking forward, industry will remain under pressure from the low oil price and weak export demand flowing from slower growth in emerging markets. While the Chancellor’s recent Spending Review will have been seen as supportive to manufacturing, today’s data highlights that it is critical government continues to act to ensure the UK is a competitive location for manufacturing.”