Good morning and welcome to the last edition of the Friday Brief of 2020.
Firstly, we would like to thank all our members for supporting this weekly news blast and providing content for it, we really appreciate your support.
Although things might be winding down for Christmas, things have been ramping up in Parliament after last week’s General Election. Our Head of External Affairs, Paul O’Donnell, unpacks yesterdays Queens speech and what it means for MTA members, get the full run down in the story below.
When we return after the Christmas break there will be one word on the lips of manufacturing technology suppliers across the UK in the first few months of next year, MACH. We would like to remind all members and exhibitors that visitor registration is now open at www.machexhibition.com, so it is time to start inviting your customers and clients to the UK’s national manufacturing and engineering show.
We would like to extend big congratulations to Stephen Pickles, of MTA member Renishaw, for winning the Inspirational Science, Technology, Engineering and Maths (STEM) Technician Award at the Inspiration Awards, read the full story below.
With the release of the UK national accounts this morning, the ONS has revised up the estimate of growth for the UK economy to +0.4% in the 3rd quarter, with the annualised rate also increased, in this case to +1.1%. There was, however, a downward revision to the growth rate for 2018, to +1.3%. The more important data was the detailed figures for investment and these show another fall for the manufacturing sector (this is the 3rd consecutive quarterly fall in this series) and a more significant decline in capital spending by the engineering & vehicles industries which is now at its lowest seasonally adjusted level since the end of 2016.
The CBI trends survey made gloomy reading this week with output falling at its fastest rate for 10 years and order books, especially for exports, still well below their long-run average levels. Data from the US shows that the pace of orders for machinery continues to decline and looks like ending the year around -20% lower than in 2018, while the cutting tool market seems to have levelled off at a high level. Finally, back in the UK, we take a look at trade data by industry and discover, among other things, that the products of the Engineering industries account for more than half of all manufactured goods exported from the UK.
That’s all for this year, there is just time for us to wish all of our members a very merry Christmas and a happy and prosperous New Year from everyone at the MTA. We’ll be back in January with more industry news and views, thanks again for reading.