A double whammy of Brexit uncertainty and a slowdown in global trade has seen order books in Britain’s factories shrink at their fastest pace since the financial crisis, the CBI has said. Urging the next prime minister, confirmed on Tuesday as Boris Johnson, to strike a deal with the EU, the employers’ organisation said industrial output also fell in the latest quarter, for the first time since the spring of 2016. The CBI’s industrial trends survey showed that business optimism had fallen, investment intentions had worsened and firms had run down the stocks built up ahead of the original 29 March Brexit deadline. According to the survey, manufacturers believe an improvement in the political outlook over the coming months will lead to a pickup in orders and output. Rain Newton-Smith, the CBI’s chief economist, said: “As the tailwind from stockpiling weakens, clouds are gathering above the manufacturing sector. It’s being hit by the double blow of Brexit uncertainty and slower global growth. “With orders, employment, investment, output and business optimism all deteriorating among manufacturers, it’s crucial for the new prime minister to secure a Brexit deal ahead of the October deadline. And get on with pressing domestic priorities, from improving… Read full this story
- UK factory output begins to stabilise after eight-month slump
- English care homes facing financial ruin, say councils
- Baroness Scotland: UK suspends funding to Commonwealth Secretariat
- With the world’s second largest economy locked down by coronavirus, our City Editor ALEX BRUMMER asks... will China crisis tip us into recession?
- Rural India slowdown threatens Modi's achche din promise
- UK house prices record biggest month-on-month fall in six years
- The banking industry's biggest problem isn't bonuses or market share
- UK care home sector 'could lose 10% of beds in five years'
- UK house prices up 10% in year to July, says Halifax
- NIESR says economic recovery slowing after weaker manufacturing figures
UK factories facing biggest slowdown since financial crisis, says CBI have 306 words, post on www.theguardian.com at July 23, 2019. This is cached page on Vietnam Art News. If you want remove this page, please contact us.