The output volumes in the UK’s manufacturing sector fell at its fastest pace in more than 10 years, the data published by the Confederation of British Industry (CBI) showed on Tuesday.
“13% of manufacturers reported total orders books to be above normal while 41% reported as below normal, giving a balance of (-28%). This remains below the long-run average (-13%),” the publication read.
Commenting on the findings, “these disappointing figures are reflective of the widespread weakness in the global manufacturing sector and the impact of continued Brexit uncertainty in the run-up to the General Election,” noted Tom Crotty, Group Director, INEOS and Chair of the CBI Manufacturing Council. “Following the General Election, manufacturers will be eager to see the Prime Minister break the cycle of Brexit uncertainty as a priority.”
As of writing, the GBP/USD pair was down 0.88% on the day at 1.3212.
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