UK manufacturers foresee output falling by 3.2% in 2023
Make UK, a trade body, said in its report published on Monday that British manufacturing firms expect their output to fall by 3.2% in 2023 after declining by 4.4% this year.
Key takeaways
"There is simply no sugar-coating the outlook for next year and possibly beyond."
"These are remarkably challenging times which are testing even the best and most successful of companies to the limit."
"The bigger issue is that the UK risks sleepwalking into an acceptance that little or no growth is the norm. The government needs to work with industry as a matter of urgency to deliver a long-term industrial strategy.”
“Make UK forecasts the broader economy will shrink 0.9% next year, less than the 1.4% decline forecast by the government's Office for Budget Responsibility last month.”
Market reaction
GBP/USD is off the lows, paying little heed to the above headlines. The pair is losing 0.18% on the day at 1.2230, at the press time.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
