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Manufacturers ''experiencing credit constraints and cost increases''

28 November 2011
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Manufacturers ''experiencing credit constraints and cost increases''Not only is the cost of credit increasing for those in manufacturing management, but they also report that access to finance is becoming tighter.

This is the claim made in a new report by EEF, the manufacturers' organisation, which has found that a balance of three per cent of respondents said availability of new lines of borrowing contracted in the past quarter.

As a result, the industry body is urging Chancellor George Osborne to address gaps in short term funding for firms in his autumn Treasury statement.

The Credit Conditions Survey for the fourth quarter of 2011 showed economic uncertainty is growing among those responsible for manufacturing management and the lending environment is deteriorating.

As a result, EEF chief economist Lee Hopley stated: "This is precisely the time where we need to see more, not less, investment if we are to create the investment and jobs our economy urgently needs."

In recent remarks on gross domestic product data for the UK, she welcomed a rise in manufacturing investment, but said more needs to be done to restore it to pre-recession levels.ADNFCR-3058-ID-801223215-ADNFCR
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