British factory bosses expect decline in economy despite sales uptick
London — British factory bosses are downbeat about the outlook for the economy after last year’s Brexit vote even though they expect their sales both at home and abroad to improve in 2017, an industry survey showed on Monday. An annual survey by manufacturing association EEF showed 47% of executives in the sector predicted a decline in Britain’s economic fortunes this year, up from 28% in the same survey in 2016. Only 25% said they expected to see an improvement. Still, manufacturers were confident they would perform well in the face of uncertainty around Brexit, with half expecting to increase their sales at home and more than 40% anticipating improved export sales. British manufacturing had a mixed performance in 2016, with economic growth driven mostly by the much larger services sector and consumer spending. A separate survey from credit card company Visa Europe showed consumer spending expanded at an annual rate of 2.8% in the fourth quarter — more than double the pace of the p...
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