According to the forecast, prepared for the MTA by Oxford Economics, the recent problems in the global economy will not have a major effect on the UK engineering industry. In fact, the recent reductions in interest rates in some countries could stimulate investment.

The forecast suggests that the prospects for investment by UK end-users "look positive". Increasing reports of plant capacity being a constraint on output, point to an improvement in spending over the coming 12 months, the MTA says.

Over the past year, the MTA’s membership has soared by 31%, taking the total number to more than 250 - its highest level for more than a decade. The Association is also targeting a 10% increase in visitor numbers to its MACH show which takes place at the NEC in April, alongside the Drives & Controls Show.

º  Graham Dewhurst (above) has been appointed as the MTA’s new director-general after acting in this role for three months. Dewhurst has almost 30 years of industrial experience, including stints as financial director at both Holroyd Machine Tools and Renold Engineered Products, before being appointed managing director of Renold Precision Technologies in 2001.