British manufacturers are fast approaching a “tipping point” where a lack of certainty over the direction of Brexit negotiations will force them to make painful cuts whatever the outcome, they say. Export demand was also weaker despite the pound’s drop against other currencies since the Brexit vote, which has made UK goods cheaper for overseas buyers. Growth for the sector slipped to a three-month low as manufacturers suffered a slowdown in both output and new orders, according to the latest IHS Markit/CIPS Purchasing Managers’ Index. “This slowdown was largely centred on the domestic market, where increased business uncertainty appears to have led to some delays in placing new contracts. Export orders remained disappointingly lacklustre despite the ongoing competitiveness boost of the weak sterling exchange rate,” he said.

Source: The Guardian July 04, 2017 04:52 UTC