Britain’s manufacturers are seeing a sharp slowdown in activity and preparing for a potential recession, according to new research.
The Make UK/BDO manufacturing outlook survey suggests that the positive picture of the first half of the year has gone into reverse, with recruitment plans ceasing and orders slowing at home and abroad.
Make UK has cut its manufacturing growth forecast for this year and expects output to fall. Its forecast for next year is within the margins of no growth at all.
It found that 72.7 per cent of companies believed that policy incentives elsewhere, such as the US Inflation Reduction Act and similar EU measures, were making UK investments harder to justify. A total of 74.1 per cent said a lack of policy consistency
© Times Media Limited 2023.