- Analytics
- News and Tools
- Market News
- UK manufacturers foresee output falling by 3.2% in 2023
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.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
