Dear All,
Detailed below is the Weekly News/Covid Update for 10th August.
Hope you are able to keep cool.
Have a good week.
Gordon Polson
Chief Executive
Federation of Bakers Ltd
Dear All,
Detailed below is the Weekly News/Covid Update for 10th August.
Hope you are able to keep cool.
Have a good week.
Gordon Polson
Chief Executive
Federation of Bakers Ltd
Barclays Economic Update: UK manufacturing pmi increased to 53.3 in jul’20
According to the data published by IHS Markit/CIPS seasonally adjusted UK manufacturing purchasing managers’ index (PMI) increased to 53.3 in jul’20 from 50.1 in jun’20. The output growth in jul’20 has been the highest in 32-months.
The report indicated that manufacturing output growth is supported by an improvement in operating conditions faced by the UK manufacturers and an increase in new order volumes. manufacturing production increased for the second successive month in jul’20.
Growth in production has been witnessed in all three sub-sectors, supported by an increase in inflows of new work orders. Growth was especially marked in the consumer and intermediate goods industries. Investment goods production also increased for the first time in 15 months.
Business sentiments among manufacturers improved during jul’20, due to an increase in client confidence and signs of economic recovery. Only 12% of firms expected a contraction and sentiment improved across the consumer, intermediate and investment goods industries.
Eurozone manufacturing pmi increased to 51.8 in jul’20
Data published by HIS Markit/CIPS seasonally adjusted eurozone manufacturing pmi for jul’20 increased to 51.8 compared to 47.4 in jun’20. The euro area’s manufacturing economy recorded its first growth in a year-and-a-half during jul’20 as output and demand continued to recover in line with further easing of covid-19 restrictions.
The report indicated improvement in demand from both domestic and international markets. New export orders increased for the first time since sep’18. Despite growth in both output and new orders, firms continued to operate below capacity. Also, employment has declined for the fifteenth successive months as firms continued to make job cuts during jul’20.
Additionally, output growth in jul’20 was widespread, with all sectors registering pmi readings above neutral 50.0. Consumer goods recorded the highest pmi amongst the sector groups.
In terms of regional output, Spain recorded the highest manufacturing pmi in jul’20 at 53.5, followed by Austria at 52.8, France at 52.4, Italy at 51.9 and Germany at 51.0. Only two countries, Greece and Netherlands, registered a pmi below 50.0 in jul’20, while the majority of countries recorded output growth.
Major £650 million investment for Northern Ireland
The Chancellor of the Duchy of Lancaster, Michael Gove, and the Secretary of State for Northern Ireland, Brandon Lewis, announced a major £650m package of investment to help traders in Northern Ireland, and support peace, prosperity and reconciliation projects on the island of Ireland.
The funding package includes:
The new, free-to-use Trader Support Service (TSS) – an end-to-end support service to deal with import and safety and security declarations on behalf of traders will be available to businesses bringing in goods from Great Britain or the rest of the world, providing guidance as well as dealing with their requirements for moving goods into Northern Ireland.
Businesses in Northern Ireland can sign up for further information about the scheme from today, before it becomes operational in September.
The service is outlined as part of the publication of new guidance on the Northern Ireland Protocol for businesses moving goods into and from Northern Ireland.
CBI Covid Update: Everything your business needs to know about furloughing employees through the Coronavirus Job Retention Scheme. | |
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Product recalls impact consumer trust in food firms: According to GS1 UK, more than one-third of UK consumers believe that food & drink firms are not adequately transparent in relation to product recalls.
The research conducted by You Gov on behalf of GS! indicated that traceability and transparency in the food supply chain were highlighted as major concerns among food consumers.
Out of the total people surveyed, 37% stated that brands and retailers lack transparency with customers about the occurrence of product recalls. Further, 45% stated that they would change their future shopping preference, in cases of product mislabelling or contamination. This indicated that brands would be four times more likely to be negatively impacted following a product recall.
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