2014.09.0105:01:19UTC+00Businesses in UK maintain confidence

Even though growth levels for the manufacturing sector are slowing down to a moderate pace, UK companies are remaining optimistic regarding their outlook for the region’s economy.

According to a survey conducted by UK manufacturers’ group EEF, the sentiment among businesses remained positive with a large number of the 300 respondents planning to recruit more skilled employees and invest in greater machinery. The results showed that investment intentions continued to be positive for the17th straight quarter.

According to the group’s chief economist Lee Hopley, UK manufacturers are set to record a strong year in terms of growth of output in 2014 despite signs indicating that future expansion will be more moderate compared to the past year. He adds that that, "We're also seeing manufacturers continue to recruit for skilled jobs and increase their plans to invest in the coming year – exactly what the UK economy still needs for balanced growth."

The EEF warned, however, of the effects a stagnant eurozone economy coupled with a stronger than expected pound sterling could have on exports. Previously, the British Chambers of Commerce forecast that the government target of doubling exports to £1 trillion by 2020 will not be achieved based on the current pace of growth. As a response, UK officials are banking on its first ministerial delegation for intellectual property to China to bring home increased trade with the Asian country. Delegation head and intellectual property minister Lady Neville-Rolfe’s goal is to create more jobs and boost growth in both countries.

Statistics from the Department for Business, Innovation, and Skills shows that approximately 70% of confiscated goods at European Union borders are sourced from China which may push officials to pressure their Chinese counterparts into tackling the issue.