The Voice of SME's in Engineering

BANK OF ENGLAND SURVEY RESULTS - MARCH 2019

ENGINEERING INDUSTRIES ASSOCIATION – the voice of SMEs in Engineering


I attended a Bank of England meeting on 26 March 2019 and presented the results of our recent survey among SMEs in Engineering. In comparison with the last survey of 21 September 2018 the following trends are apparent:

  • Business Confidence is lower
  • Overall Growth is approximately the same
  • UK Demand is flat
  • Export demand is weaker
  • The number of people employed is approximately the same
  • The average increase in pay per employee is still mainly 0-2% but there is some increase in the 2-4% range
  • There are still skill shortages
  • 46% of survey expect to increase prices compared with 59% last time
  • Investment intentions are lower

The factors influencing the results include the following: 

  • The main concern is the uncertainty of Brexit. This is affecting their future planning and investment.
  • The Government must do more to support the export efforts of SMEs. Other Governments eg German and Italian companies give far more help to their SME exporters.
  • More financial help is needed for SME start-ups.


Kind regards
Sir Ronald Halstead
EIA President