Half of UK manufacturers worried by China, some review plans: EEF
LONDON: Just under half of British manufacturers are worried by the possibility of a sharp slowdown in China's economy and one in ten are reviewing their business plans, a survey from an industry group showed on Sunday. EEF said 47 per cent of manufacturers were concerned by signs of a slowdown in China, which have rocked financial markets over the past week. Big manufacturing firms were most likely to be worried, and also more likely to be looking at their business plans to take into account different scenarios, the survey showed.
"Overall, UK factories send only a small proportion of their goods to Chinese customers, but a sharper slowdown would also see a halt to growth in export sales through supply chains in Europe," said Lee Hopley, EEF chief economist. "The more widespread impact, at least in the near term, is likely to be the knock to already delicate confidence levels.