James Smith, a developed market economist at ING, notes that the UK manufacturing PMI came in at 48.0, its lowest level for over six years, suggesting that the sector will post negative growth through the second quarter. According to him, much of this has to do with the stockpiling frenzy of the first quarter, which saw firms scramble to boost inventory to try and insulate themselves against the possible supply chain disruptions of a "no deal" Brexit.
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