EEF: Industry finance access improves

The Engineering Employers Federation (EEF) has claimed that access to finances for industry is starting to improve.

In the Credit Conditions Survey from the organisation, it was revealed that a more significant number of companies reported improved availability of credit, compared with those that did not.

This will undoubtedly come as a welcome development, particularly as another recent study from the EEF found that companies are already turning to asset finance and other forms of gaining money in order to cover their costs.

However, chief economist for the EEF Lee Hopley asserted that increasing costs are still a source of frustration for the majority of firms.

She explained that a significant number of respondents to the Credit Conditions Survey stated that they have been hit by higher fees in the second quarter of the year.

"The coming months are challenging enough for firms contemplating investment in the face of uncertain demand," Ms Hopley commented, adding: "Our financial sector needs to be as dynamic and as competitive as possible to support these companies."