Fashion
UK manufacturing slump deepens to fastest pace in Nov since 2020: CBI
Output volumes fell at an accelerated pace, with a weighted balance of -30 per cent compared with -16 per cent in the previous quarter. Thirteen of seventeen sub-sectors reported declines.
Total order books were described as below ‘normal’ at -37 per cent, broadly unchanged from October and well beneath the long-run average of -14 per cent. Export order books improved on the month but remained deeply negative at -31 per cent. Stock adequacy rose to +16 per cent, above the long-run average, while expectations for selling price inflation eased to +7 per cent, aligning with historical norms.
UK manufacturing output saw its steepest fall since August 2020 in the three months to November, with a -30 per cent balance and declines across most sub-sectors, as per the CBI.
Order books stayed weak, export orders remained well below average, and selling price expectations eased.
Ben Jones warned that Budget uncertainty is delaying demand and urged targeted support to boost competitiveness.
“Manufacturers face a challenging end to the year. What’s striking in this month’s survey is how consistently firms link the slowdown to uncertainty ahead of the Budget, with customers delaying purchases and investment until they know what’s coming,” said Ben Jones, CBI lead economics.
“With the Budget now just days away, the Chancellor must provide much needed certainty and back the government’s growth mission rhetoric with pro-business policies. For manufacturers, this must include accelerated support to address punitive energy costs and increased Growth and Skills Levy flexibility—interventions that would boost competitiveness, increase confidence, and unlock growth,” added Jones.
The findings are based on responses from 334 manufacturers.
Fibre2Fashion News Desk (SG)