With this month’s German feature highlighting the wide range of technology developed in Europe’s largest industrial country, and the reliance placed on its successful exports, perhaps it is time to question the pros and cons of the UK joining euroland.
In the latest regular poll of members taken by equipment supplier organization Picon it was revealed for the first time that there has been a shift in favour of the UK’s entry to the euro. In the April to June quarter survey the “wait and see” and “join now” camps tied at almost 50 per cent of respondees (compared to 55 per cent and 32 per cent respectively in the previous quarter). This is an even more interesting result as during the same quarter members’ export optimism was growing as the euro strengthened.
Picon’s Mark Oakes tells me that this strengthening euro against major currencies including sterling “undoubtedly influenced export optimism and it will be interesting to track the effect of any further strengthening on export figures and suppliers’ attitudes to the euro”.
Next month we will be taking a closer look at what joining or not joining the common currency will have on the UK industry. Let me know your views and how, if anything, the common currency it is effecting your business.
In the mean time German converting equipment technology and export prowess is still the envy of much of the developing world. Proving the point, a recent visit to East Riding Sacks (see our special next month) revealed F & K and Kochsiek (an F & K company) kitting out the UK’s number one sack producer with multi million pound lines.