UK manufacturing saw it’s steepest decline in more than three years this month after Brexit triggered uncertainty in the market.
Whilst the pound has shown some signs of stabilising after Brexit, the result has been a trigger for some business owners to make staff redundant and rein in spending.
As a result the Manufacturing Purchase Index (MPI) fell from 52.10 to 48.2, not only the lowest in three years but below the threshold of 50, showing contraction rather than growth. The results are driven by by a contraction in both levels of production and incoming new orders.
The deterioration in new orders was the biggest since 1998, while job losses rose at the fastest rate for almost three-and-a-half years as bosses shed staff “to secure themselves against more possible bad news ahead”, the survey showed.