Everyone has been talking about the devaluation of sterling and the benefits for those industrial and manufacturing companies that export their products. We are now starting to see the talk translated into actual figures.
It is no surprise to hear from the Confederation of British Industry ("CBI ") that export order books have risen to their highest level in more than three years. Those industrial and manufacturing companies that have already started to think about the impact of Brexit and how to access international markets more will have a head start on those that are thinking about Brexit but waiting and seeing.
As the Eversheds Sutherland's Brexit report 'Preparing for Brexit - the views of UK businesses' demonstrated, too many companies are considering Brexit and the implications, but not taking positive steps to get ready for the inevitable business challenges. Increasing export orders with the benefit of the devaluation in sterling would be a good start - a silver lining in Brexit.
Export order books rose to their highest level in more than three years as the devaluation of sterling following the Brexit vote benefits companies selling abroad, a survey has found. Meanwhile the outlook for manufacturers over the next quarter continues to be bullish, with the largest expectation of output growth since February 1995, according to the Confederation of British Industry (CBI) survey of industrial trends. Strong performances in the pharmaceutical and mechanical engineering sectors led broad-based expansion in export order books. Almost a quarter of businesses said their export orders were above normal, giving the strongest positive balance since December 2013.