Stockpiling Boosted Manufacturing Activity in the UK in December
The end of the Brexit transition period spurred stockpiling and lent a boost to the manufacturing sector in the UK during the month of
The end of the Brexit transition period spurred stockpiling and lent a boost to the manufacturing sector in the UK during the month of December. According to Lloyds Bank UK Recovery Tracker, eight out of 14 industries in the UK performed better than their counterparts across the world last month, especially the manufacturing sector.
UK manufacturers benefited from a surge in demand ahead of the transition period deadline amid uncertainties related to Brexit and the trade deal between the EU and the UK. Consumer demand also picked up in December following easing of lockdown restrictions from November and due to the holiday season.
Among manufacturing, output of firms in the chemicals, household products, as well as food and beverages came in higher in comparison with their respective international counterparts. In addition, the transportation sector in the UK also saw higher levels of activity than the global performance amid higher demand for logistics and hauliers ahead of Brexit.
Head of economics and market insight at Lloyds Bank Commercial Banking, Jeavon Lolay, observes, “While this survey was conducted before the latest national lockdown was announced, it is still worth highlighting the vaccine-induced rebound in business confidence across the economy. It is clear that, for many firms, this represents the defining influence for their prospects in the year ahead.”
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