Good morning and welcome to this week’s Friday Brief.
Yesterday saw MTA members gather at Yamazaki Mazak in Worcester for the MTA’s annual Economic Forecast Seminar. Producing forecasts for our members is a major part of what the MTA can offer its members. We work with the world-renowned economics consultancy Oxford Economics to derive numbers that enable companies to forecast what future demand might be in the key markets of Machine Tools, which reflect investment, and Cutting Tools, which reflect output.
The seminar gives MTA members the opportunity to hear the projections presented and to question the experts that put them together. This year they heard form Adrian Cooper, Oxford Economics’ CEO, Jeremy Leonard, Global Director of Industry Services, and Geoff Noon the MTA’s very own Statistician. You can read more about the Seminar and access all the papers through the story below.
Its been an eventful week in Brexit and it’s not over yet. The deal that has now been agreed between the PM and the EU will go to the House of Commons on Saturday. If that passes we will leave the EU on the 31st of October, but almost nothing will change because the Transition period will kick in – for at least a year. If on the other hand it fails to pass – and for most of those who rejected the May deal in March this Deal looks worse - the Government’s position is that the UK will leave on the 31st October. The Benn act says otherwise but preparing for a No Deal is still a sensible course for Businesses to take. To help with that the CBI, with whom the MTA has worked closely on Brexit, has produced an online No Deal Preparations hub. You can visit it here. It aims to help you understand the impact of No Deal on your Business and ask yourself the right questions.
In other economic news this week, there is a glimmer of hope in the European industrial output figures which were modestly positive in August, although this is a volatile series and the levels are still below where they were a year ago. In the August 2019 figures, the capital goods industries were the best performing of the sub-sectors of industrial production which, if sustained over the next few months, would see an improvement in the European markets. Data from the USA shows that growth in machine tool orders continues to ease at a significant pace, but this time last year saw some spectacular results, so this is not unexpected, and, on a historical comparison, the levels of business remain at a good level. The cutting tool market there appears to have flattened off, although again at a high level.
As you may recall, the MTA sponsor our member, the University of Wolverhampton’s, Racing Team. We have an update from their September activities below. Staying with MTA members, Renishaw are recruiting 70 graduates for its 2020 intake. The company has also created new programmes for its software and manufacturing engineering streams, extending the opportunities it offers to graduates from a range of engineering disciplines. Find out more in the story below.
In other members’ news, LK Metrology are hosting an ‘Ask The Experts’ day on Wednesday 13th November at their manufacturing site near East Midlands Airport, Derby. The event will showcase a range of metrology equipment from LK Metrology and other suppliers. LK Metrology will also be launching their new ALTERA C compact CMM at this event. If you would like to attend, please see the story below for further details and how to register.
Trade expert Namali Mackay is presenting Brexit readiness seminars for the SMMT, which may be of interest, especially to firms in the automotive supply chain. Details of the events can be found in the story below.
A new research paper from Siemens Financial Services (SFS) says innovative Energy-as-a-Service solutions can help UK manufacturers save up £5.6 billion over the next five years, including £954m in savings for the chemical manufacturing sector and £800m in for the Food and Drink sector. Full details can be found within the Brief.
Industrialists across the Sheffield City Region are holding back on investment in productivity-improving technologies such as robotics and automation because of poor access to funding, skills and hands-on ‘demonstrators’, according to a new report published by researchers at the University of Sheffield in collaboration with the Advanced Manufacturing Research Centre (AMRC).
That’s all for this week, we’ll be back next Friday with more industry news and views, until then have a great weekend, from everyone at the MTA.