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their business. However, the survey suggests that support for joining the euro may be waning, with fewer companies seeing the positive benefit of joining than 12 months ago, when 52% felt it would be beneficial. The 12% of manufacturers who now feel that the euro would have a negative impact on their business compares with 8% in last year's survey.
Manufacturers felt that an appropriate and sustainable exchange rate for UK euro entry would be ยฃ0.69 = 1 ( 1.44 = ยฃ1), close to the current market rate. A year ago the same question yielded ยฃ0.64 ( 1.56 = ยฃ1).
In general, the survey highlights an upturn in confidence with manufacturers expecting business activity and order books to post increases over the coming year.
Stronger economic growth, new product launches and favourable exchange rate effects are expected to boost business revenues over the same time-frame. Given the increasingly competitive environment, output prices are expected to fall over the coming year on average while input prices are expected to increase.
There were mixed views on the impact of sterling's depreciation, with 40% of the survey's respondents believing that this would benefit their businesses, by making export prices more competitive. Conversely, 36% of respondents felt that depreciation would have a negative effect on their business, by raising import prices.
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