GUERNSEY manufacturers are bearing up better than their UK counterparts in light of cost pressures from the credit crunch. The latest Industrial Trends survey from the Confederation of British Industry has found that UK manufacturers have been forced to raise the price of their goods due to persistently high costs and slowing demands.

But Confederation of Guernsey Industry director Peter Budwin, pictured, said that, on the whole, the island’s light industry was holding its own.

‘I’ve spoken to the relevant CGi members and there seems to be more positivity than here than in the UK. It appears the island’s manufacturers have not been as negatively affected by the credit crunch. No manufacturer is looking at any downturn in business this year, but none is looking at any growth, either. Considering that last year most businesses had a good year, then to be maintaining that is very positive in the current economic climate.’

The CBI survey blamed record oil-price peaks in the last three months for further stamping-down business confidence and lowering firms’ expectations for demand in the coming quarter.