UK manufacturers have reported the sharpest loss of confidence since the start of the COVID-19 pandemic in the Make UK survey.
Confidence Drop: British manufacturers' confidence fell sharply to 5.8 in Q4 2024 (from 6.8 in Q3), the steepest decline since the COVID-19 pandemic.Manufacturing Forecast:2024: Manufacturing output expected to shrink by 0.2% (previously forecasted +0.5%).2025: Growth is forecast at 0.7%, slower than broader economic growth.Sector Conditions:Output and orders remain positive.Recruitment and investment intentions are stable.Confidence among manufacturers has significantly worsened compared to the previous quarter.Cost Pressures:Rising costs, including a £25 billion employer social security hike and a nearly 7% minimum wage increase (effective April 2025), are intensifying pressure on businesses.Economic Context:UK's GDP contracted in September and October 2024, the first consecutive monthly declines since 2020.Broader surveys indicate weakening hiring intentions following the budget. This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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