Subdued growth for UK manufacturers in second quarter | KPMG | UK
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Subdued growth for UK manufacturers in the second quarter

Subdued growth for UK manufacturers in second quarter

Commenting on the Markit/CIPS Manufacturing PMI figures released today, Stephen Cooper, Head of Industrial Manufacturing at KPMG UK, said:

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Commenting on the Markit/CIPS Manufacturing PMI figures released today, Stephen Cooper, Head of Industrial Manufacturing at KPMG UK, said:

“The PMI data for April presents a mixed and somewhat complicated picture for UK manufacturers. The sentiment is not particularly encouraging, as businesses are left with higher finished good inventory levels, whilst at the same time dealing with shortages of some raw materials. Inflationary pressures have eased somewhat, albeit the pound has weakened, reflecting the view that it’s less likely that the MPC will raise interest rates next week.

“The implications of the postponed US steel tariffs will also be in the back of manufacturers’ minds. Trade wars are never welcome and whilst it’s helpful that the decision has been delayed, this is another example of uncertainty, with other geopolitical risks such as Brexit, which is not good for business confidence.

“So UK manufacturers, now more than ever, need to manage these risks carefully and be mindful of the implications they may have on their working capital.”

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About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff.  The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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