More certainty around the timing of interest rate rises is needed, according to accountancy and business advisory firm BDO LLP.
Latest figures from BDO’s Business Trends report shows that whilst general business confidence remains at high levels, optimism among UK manufacturers dipped in June for the first time in 14 months, as challenging operating conditions threaten to slow growth in the sector.
The BDO Optimism Sub-Index for the manufacturing sector, which predicts growth expectations in six months' time, fell from 121.0 in May to 119.5 in June. Although it remains well above the 100 mark that indicates the long term growth trend, the dip suggests that manufacturers are taking a more considered approach to potential challenges, such as rising operating costs, which could act as a drag on growth.
Malcolm Thixton, lead partner, BDO LLP in Southampton, said: "Confidence in Britain’s manufacturing and service sectors continues to be high. However a recent dip in manufacturing confidence suggests that challenging operating conditions may threaten to slow growth. We still don't know when interest rates will rise and businesses cannot plan for growth on the basis of vague or conflicting statements - policy makers can do more to provide certainty for businesses, enabling them to make informed decisions for the future."
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