Manufacturing companies fear what the future holds as new British factory orders fall at their fastest pace since the financial crash ten years ago. According to the Confederation of British Industry, these conditions coincide with worries regarding Brexit and the global economy.
A survey of 291 manufacturing firms was conducted, showing a decrease in optimism and the weakening of investment plans, which have both fallen at a fast rate since the Brexit referendum in 2016.
In The Manufacturer’s Annual Manufacturing Report 2019, 64% of respondents said they felt that Brexit will cause chaos for UK manufacturers. However, 36% still believed that Brexit could boost UK manufacturing growth, showing that some feel that the UK can successfully navigate a future outside of the EU.
In terms of financing investment, 67% are more positive regarding finance, believing that the availability of funding is making it easier for manufacturing companies to raise the finance they need.
Britain is due to leave the European Union on 31 October this year and with the appointment of Boris Johnson as the new Prime Minister, manufacturing companies are hoping for a secure Brexit deal ahead of the October deadline.
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