Commenting on the Markit/CIPS Manufacturing PMI data released today, Justin Benson, UK Head of Automotive at KPMG UK
Commenting on the Markit/CIPS Manufacturing PMI data released today, Justin Benson, UK Head of Automotive at KPMG UK, said:
“The latest manufacturing PMI figure (54.4) is relatively low when compared to recent months, but it is still well above 50, demonstrating continued expansion of the sector. High demand is continuing for existing products but manufactures are increasingly saying the big question is what the future holds for their cost base.
“Most of the UK’s manufacturing industry is overseas owned, making it dependent on foreign direct investment. With only months to go before Brexit, some manufacturers are delaying investment because of continued doubt around an EU trade deal. This makes the future health of the manufacturing sector uncertain.
“However, the UK will continue to be a great place to invest. Businesses need to create opportunities for investment by preparing carefully for Brexit, thus reducing uncertainty.”
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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 154 countries and territories and has 200,000 people 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.