UK economy to grow faster than European neighbours

The International Monetary Fund (IMF) has sharply increased its growth forecast for the UK economy. It now expects the economy to grow 2.4 per cent this year – faster than any other major European economy – against its previous forecast of 1.9 per cent. In 2015, it expects growth of 2.2 per cent.

Sahar Danesh, Principal Policy Advisor for Manufacturing at the Institution of Engineering and Technology (IET), said: “Growth in manufacturing, at its highest since 2011, reflects the sharp increase in economic growth.”

“This data shows that UK manufacturing's strong upsurge continues and predicted growth in the UK is the highest of all European economies. This sends a strong message to those who claim that manufacturing is on the decline: the UK does indeed ‘still make things’ – and, most importantly, things that are in high demand.

“Sectors such as aerospace and transport are thriving; however, more support and skilled engineers are needed in other sectors to keep the recovery on track.”

Ends

Notes to editors:

§  Interview opportunities are available with IET spokespeople from a broad range of engineering and technology disciplines including cyber-security, energy, engineering skills, innovation, manufacturing, technology, transport and women in engineering.

§  The IET is one of the world’s largest organisations for engineers and technicians.  We have nearly 160,000 members in 127 countries around the world.

§  The IET is working to engineer a better world. We inspire, inform and influence the global engineering community, supporting technology innovation to meet the needs of society.

§  The IET is the Professional Home for Life® for engineers and technicians, and a trusted source of Essential Engineering Intelligence® and thought leadership.

§  For more information, visit www.theiet.org

Media enquiries to:

Robert Beahan, External Communications Manager
T: +44 (0)1438 767336
M: +44 (0)7595 400912
E: rbeahan@theiet.org