Pound euro exchange rate update: Brexit provides BOOST for UK manufactures and sterling The pound was little changed against the euro at 1.
1283, at 8:28am, in London, as UK manufacturers say 2018 could be “another good year”.
A survey by the manufacturer’s organisation EEF, and the insurance firm AIG has shown that the acceleration in the global economy and the boost to exports from a weaker pound have helped swell UK factory order books.
Speaking to the BBC’s Today programme, EEF’s chief economist Lee Hopely said: “On the face of it, it looks like 2018 could be another good year for UK manufacturers.
“Our survey shows that expectations about global trading conditions are much more positive than those we were looking at say 12, or even 24 months ago.
It looks like 2018 could be another good year for UK manufacturers Lee Hopely.
“Recovering global economy, particular bright spots in Europe, would all support continued growth across the sector over the course of this year.
” Ms Hopely warned that uncertainty over Brexit did carry some risk over the next year.
She said: “There are more risks than opportunities though.
“I think that is a reflection of some of the Brexit related uncertainty which is inevitably going to continue to play out over the course of 2018.
“But also some other things that manufactures are conscious of so the increase we’ve seen in cybersecurity breaches, things like that are front of mind, for not just big companies, but right across the supply chain.
” The poll by the manufacturers’ organisation EEF and AIG found 40 percent of companies were planning for growth in 2018 while 19 percent were expecting a downturn in their business.
EEF’s chief executive, Stephen Phipson, said: “Manufacturers left 2017 in an upbeat mood and are set to outpace the rest of the economy again this year as the growth in global trade continues to gain momentum.
That is not to say everything in the 2018 garden is rosy, however, as there are plenty of factors that could puncture this positive picture.
“Chief among these is Brexit which has put the investment outlook on a knife edge.
As such, it is essential that the Government gets a transition deal as a matter of urgency and sets out with utmost clarity as to what kind of final deal it is looking for.
” Sterling was down 0.
29 percent against the dollar to 1.
3535, at 8:28am in London.