Industry body Make UK says ‘no sugar-coating poor outlook’ for next year and ‘possibly beyond’
Fears are growing over the state of the UK economy as it emerged that the manufacturing sector shrank by about 4% this year and is forecast to decline by a further 3.2% in 2023.
Increasing raw material costs, sagging consumer demand, staff shortages and higher borrowing costs have collectively formed the perfect storm for the UK manufacturing sector, according to the latest Make UK/BDO outlook report. The study showed that investment in the sector has gone “negative” for the first time in nearly two years.
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