Of more than 400 manufacturing companies in the south west almost 60 per cent would prefer that the UK stay in the Eurozone but only if certain changes were made to the terms of membership.

That was the message delivered by Iain Black, a partner in the accountancy firm Monahans when he was speaking at the Swindon Business Leaders’ Forum, organised by the Swindon Chamber of Commerce at the Marriott hotel.

Monahans has recently produced a manufacturing survey and among the questions were the Euro in/out factor which the UK faces in the government’s coming promised referendum.

Mr Black said just nine per cent of participating companies in the survey wanted the UK to leave the Eurozone with the remaining around 30 per cent still to make a decision. They were still waiting to see what deal the government gets from Europe.

Mr Black said manufacturing had grown 2.6 per cent this year compared to 2.7 per cent last year.

A total of 76 per cent companies were predicting growth in the year ahead with around half of companies planning to increase their staff numbers and increasing the number of apprentice they would take on.

The automotive industry was looking particularly healthy with 1.6 million cars to be built this year in the UK and small companies were happy to report they were finding it easier to borrow money from banks – something which had been difficult in the past.

On the question of exports 62 per cent of companies said 98 per cent of their products was going to the Eurozone.

The main problems in manufacturing was the lack of skills in the workforce and the constant increase in red tape.

Another speaker at the forum Geoff Harding, the deputy agent with the Bank of England in the south west, said the main question people wanted answering was when would the economy actually take off.

There was still a slow down in most areas other than the service industry.

However unemployment, which was standing at 5.2 per cent, would probably drop even further possibly go below the five per cent mark.

Figures for the construction industry were still poor and were actually down on last year’s figures.

But the number of mortgages were up; household debts were down and inflation was unlikely to rise to more than two per cent in the forseeable future.

Oil prices will continue low and utility bills might drop in the next few months.

The next Swindon event for the Chamber will be Christmas drinks at the Marriott on Friday December 11 between 12.30pm and 2.30pm.

Go to www.thamesvalleychamber.co.uk/events or call 01753 870500.