“The unprecedented economic and political uncertainty in the UK, as fears of a crash out Brexit grow, is continuing to seriously undermine the performance of UK manufacturing. Business confidence has now fallen to an all-time low and consumer purchases, which have driven what little economic growth we have seen recently, has also now worsened.
“Employment in the sector fell at one of the fastest rates for almost seven years, and capital investments have shrunk too.
“While global markets are still struggling and orders from the USA and Asia are shrinking the slump in the Eurozone, the UK’s biggest export market, has reversed slightly on the back of French manufacturers signalling a renewed improvement in operating conditions and German PMI improving from July’s seven-year low. However, anxiety about the UK’s post-Brexit trade rules means British manufacturers are not seeing the benefit.
“Instead, EU-based clients were routing supply chains away from the UK and consequently new orders have contracted at their fastest pace since the worst days of the Global Financial Crisis.”
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