Manufacturing Enters 2023 on the Backfoot: Grim Britain

1/4/2023

RawNews1st – In the quickest decline in output in 14 years, the Purchasing Managers’ Index sank to 45.3 last month, as new order inflows – both domestic and overseas – continue to weaken.

The figures are reportedly in line with the trade org Make UK’s gloomy outlook last month – that factory output (recorded at 4.6% lower in Oct 2022 than last year) would fall further to 3.2% in 2023.

It comes as the Financial Times reports that the UK will face the “longest and worst” recession among G7 countries, according to a poll of 101 top economists – who highlighted policy mistakes and the impact of Brexit as factors prolonging the downturn.

Source {Reuters}

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