CBI Industry Survey forecasts decline in UK Manufacturing
The CBI industrial trend report published this month reveals a sharp decline in confidence amongst UK Manufacturers. This comes in anticipation of significant falls in activity over the next three months with manufacturing orders expected to fall. Firms are less optimistic about the general business situation and export prospects than three months ago, the sharpest fall since April 2009.
Ian McCafferty, the CBI Chief Economic Adviser says "Manufacturers saw modest growth in orders and production over the past quarter," He continued "However, sentiment has deteriorated sharply, and firms expect sizeable falls in activity over the next three months. The quarterly fall in sentiment is the largest since the height of the recession in mid-2009. Confidence among manufacturers is no doubt also being sapped by uncertainty over developments in the Eurozone, leading to broader concerns over global growth."