UK manufacturers' most pessimistic since financial crisis: CBI
Reuters
Published Mar 24, 2020 07:20
LONDON (Reuters) - British manufacturers are the most pessimistic about the outlook than they have been at any time since the global financial crisis more than a decade ago because of the spread of coronavirus, a survey showed on Tuesday.
The Confederation of British Industry (CBI) said its measure of manufacturing expectations for the next three months sank to -20 from +8 in February.
The balance of order books for March also fell to -29 from -18 but that was slightly less of fall than expected in a Reuters poll of economists which had a median forecast of -35.
"With expectations for output set to fall in the coming months, it’s now more important than ever manufacturers get the support they need," Anna Leach, the CBI's deputy chief economist, said.
British finance minister Rishi Sunak announced sweeping measures to help companies, including support for paying wages of workers, last week.
"But all measures must be constantly assessed to ensure the UK’s manufacturing sector emerges from this crisis with the minimum possible damage," Leach said.
The survey of 288 manufacturers was conducted between Feb. 25 and March 14, since when the government has shut down much of Britain's economy in a bid to slow the spread of the virus.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.