Pallet Trucks UK has paid tribute to the industrial spirit of workers in Britain after the manufacturing and industrial sectors smashed expectations in August, causing the pound to rise in value.
Figures recently released in October show that total production output in the industrial sector was 1.6 per cent higher in August than a year before, beating expectations of a 0.8 per cent increase. Output in manufacturing, which is the largest portion of the industrial production figure, also defied the odds with an increase of 2.8% against a forecast of 1.9%.
This caused sterling’s value to increase by 0.3 per cent against the dollar to $1.3184 as well as edging 0.01 per cent higher against the euro to €1.1193.
Phil Chesworth, Pallet Trucks UK Managing Director, said: “Seeing the value of the pound climb thanks to the vital work of everyone involved in the manufacturing and industrial sectors is brilliant news for both the industries themselves and the country as a whole.
“The task now for us is to carry on as we have done and build on the brilliant progress we’ve made to ensure a vibrant and prosperous future for manufacturing in the UK.”
News of the increase in the pound’s value thanks to the manufacturing and industrial sectors follows on from encouraging data from September, which showed the UK’s manufacturing industry recording its first “significant” month of growth this year in July. July saw a production expansion of 0.5% driven by a sharp 13.7% increase in car production, which was the fastest rise recorded in official data on the car industry since March 2009.
Phil added: “There seems to be an upward trend of manufacturing and industrial productivity in the UK since July, and hopefully we can carry on in the same vein up until Christmas and into the new year.”
The construction industry also defied expectations, albeit to a lesser degree, after it saw 0.6% month-on-month in August 2017 against predictions of 0% growth, with the surprise rise growth being predominantly driven by a 1.7% rise in all new work.
Pallet Trucks UK supplies a wide array of manual handling equipment to the construction industry, including equipment such as forklift extensions and hydraulic jacks used to lift weights of 25 tonnes.
Many of the company’s wares are also used in the manufacturing and industrial sectors, with pallet trucks being vital in ensuring continued product outflow at factories and moving skates used being used to move weights of up to 80 tonnes safely and securely.