Weak pound lifts British factories

BRITISH manufacturers are braced for more uncertainty during the next 12 months – but remain confident about their own prospects following the Brexit vote.

A survey by industry group EEF found just 25pc of factory bosses expect UK economic conditions to improve this year while 47pc are steeling themselves for a decline. But they are much more optimistic about their own businesses with 56pc expecting to become more productive and 50pc forecasting increased sales.

The findings follow a report last week showing manufacturing activity reached a 30-month high in December as the weak pound boosted demand for British goods overseas. The proportion of manufacturers seeing the UK as a competitive place to do business following the Brexit vote has risen from 56pc a year ago to 61pc today.

And half of companies surveyed plan to increase investment in technology and innovation while 41pc are looking to exploit new export markets.