Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK manufacturers predicting biggest fall in growth since the depths of Covid

by September 22, 2022
September 22, 2022
UK manufacturers predicting biggest fall in growth since the depths of Covid

Manufacturers expect a sharp fall in their output over the next three months in the weakest forecasts for growth since the depths of the pandemic.

They reported a slight drop in output in the three months to September but expect a sharper decline in the next three months, according to a monthly survey of 238 British companies by the CBI, which represents businesses, and Accenture, a professional services firm.

A net balance of -4 per cent of companies said output fell in the three months to September, compared with -7 per cent the month before. A balance of -17 per cent of businesses expect output to fall at a faster rate in the next three months.

Prices will continue to rise, however, with a net balance of +59 per cent of business leaders saying they planned to increase prices in the coming quarter, up from +57 per cent last month.

Businesses have struggled to maintain their output over the past year amid supply disruptions caused by shortages of key components and lockdowns in China, which pushed up the cost of supplies. Disruptions are now easing but the high price of energy continues to eat into profit margins.

Anna Leach, CBI deputy chief economist, said: “It is clear that the downturn, which originated in consumer-facing services, has spread to manufacturing, with output falling for the second month running. When adding an uncertain demand environment to ongoing input and labour shortages, and a cost-of-doing-business crisis, the outlook looks increasingly challenging for the sector.” She added that businesses needed confidence and wealth to invest if the government’s growth plans were to work.

Separate research by Make UK, which represents manufacturers, and BDO, the business advisory firm, found that British manufacturers have significantly cut their growth forecasts.

Expectations for growth in the survey of the 354 firms within the sector, which accounted for 10 per cent of the country’s economic output last year, were revised down to 0.6 per cent in the third quarter, down from 1.7 per cent forecast in June.

Stephen Phipson, chief executive of Make UK, said: “Whilst industry has recovered strongly over the last year, the storm clouds are gathering in the face of eye-watering costs and a very difficult international environment. This threatens to shatter expectations of a sustained recovery from the pandemic and put many perfectly viable businesses at risk.”

Read more:
UK manufacturers predicting biggest fall in growth since the depths of Covid

0
FacebookTwitterGoogle +Pinterest
previous post
HMRC offers month long extension over new customs system
next post
Businesses fail to recognise power of social media as consumers rate it as far more important

You may also like

UKRI hit with £36m IR35 bill, taking non-compliance...

May 25, 2023

HSBC sets aside $876m for bad loans amid...

April 29, 2025

Why Aluminium Joinery is the Future of Secure...

March 3, 2025

Rachel Reeves to introduce new debt rule, unlocking...

October 25, 2024

Drew Soule is Pioneering HR Strategies and Fostering...

October 13, 2024

UK Government’s review on payments and cash flow...

December 11, 2023

Why The Founder of Branzio Watches Mehtabjit Teja...

October 10, 2022

HMV tycoon Doug Putman in last-ditch talks to...

September 1, 2023

How strong is your business partnership?

September 7, 2024

European Players Super League (EPSL) Attracts Investors with...

July 16, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Jeremy Hunt: ‘We’re over-medicalising anxiety and depression with sick notes’

      August 2, 2025
    • Cambodia to nominate Trump for Nobel Peace Prize for role in ending country’s conflict with Thailand

      August 2, 2025
    • WATCH: Trump says he is hopeful Hillary Clinton will be investigated for election fraud

      August 1, 2025
    • Trump moves nuclear submarines weeks after praising sub’s power in Iran strikes

      August 1, 2025
    • Recess on ice as Republicans hunker down for high-stakes nominee blitz

      August 1, 2025
    • Iran says it has ‘plenty of scientists’ left to restart uranium enrichment, despite US, Israeli strikes

      August 1, 2025

    Categories

    • Business (8,652)
    • Investing (2,168)
    • Politics (16,282)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved