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According to the latest survey conducted by the Make UK industry association and accountants BDO, Britain’s manufacturers remain little optimistic on the recovery from coronavirus pandemic induced manufacturing recession, with no evidence of a ‘V-shaped’ recovery.

Key findings

“The survey’s quarterly gauge of investment intentions fell to -32% from -26%.”

“The manufacturers’ employment expectations deteriorated in the latest Make UK/BDO survey, although its gauge of future output improved somewhat.”

Stephen Phipson, Chief Executive at Make UK, said: “Manufacturing has begun to climb away from the abyss that it stared into earlier in the year.”

“But, make no mistake it is going to be a long haul back towards normal trading conditions, with talk of a ‘V’-shaped recovery nothing more than fanciful, Phipson added.

Market reaction

The pound is undeterred by the above findings of the survey, as GBP/USD looks to extend gains above 1.2950 amid broad US dollar weakness.