Product category:
Manufacturing finance: production investment support
News Release from: Barclays Commercial Bank
Edited by the Manufacturingtalk Editorial
Team on 01 March 2005
UK bank makes GBP 500m financing
available
Predicting 2% growth in the UK's manufacturing sector, a UK bank is making GBP 500 million available to support growing UK businesses over long-term.
Barclays has underlined its long-term commitment to UK manufacturing by announcing GBP 500 million of lending to support growing businesses within the sector Barclays predicts that the UK manufacturing sector will grow by up to 2 per cent in 2005 driven by gradual improvements in order books and the ability of many UK manufacturers to remain competitive on the global stage, through increasing levels of research and development and improved technology and innovation
This article was originally published on Manufacturingtalk on 11 May 2006 at 8.00am (UK)
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Commenting on the ONS Manufacturing (Index of Production) figures for November 2006, Barclays said it may only be an incremental rise, it is still a nudge in the right direction.
Reflecting the diverse nature of the industry Barclays lending to manufacturing businesses is expected to be well spread across all regions of the UK and across industry sub sectors, including: pharmaceuticals, chemicals, aerospace, biotechnology, electronics, automotive, food production and medical equipment.
Andy Martin, national director for manufacturing at Barclays said: "A strong manufacturing sector is good for the health of the UK and a determinant of its position in the global economy.
Working on a daily basis with many UK manufacturers, I see a large number of well managed companies which have both the desire and the ability to expand and grow if the right finance is available.
"I believe that many UK manufacturers are responding positively and proactively to the challenges they have faced in recent years such as rising raw material and energy costs, the strength of sterling against the dollar and the emergence of Asian competitors.
In this context I believe that our announcement of financial support for further development within this sector is well timed." Sir Digby Jones, Director General of the Confederation of British Industry, said: This is a welcome vote of confidence in UK manufacturing and a timely boost to the sector's financing and investment needs.
If the UK's manufacturing base is to grow then we need the support of banks like Barclays.".
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