LONDON – British manufacturers expect their orders to fall at the fastest rate in a decade over the next three months due to the slowing global economy and Brexit uncertainty, a quarterly survey by the Confederation of British Industry showed on Tuesday.
The CBI said its manufacturing orders balance sank to -19 in October from +10 in July, the lowest since April 2009.
The CBI’s monthly orders balance for October sank to -37 from -28 in September, below all forecasts in a Reuters poll and its lowest since March 2010.
“A combination of Brexit uncertainty and weaker global growth are clearly hitting sentiment and export prospects, with job prospects at their weakest since the global financial crisis,” CBI chief economist Rain Newton-Smith said.
(Content & Photos Syndicated Via Reuters)
(Reporting by David Milliken; Editing by William Schomberg)