LONDON
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August 23, 2022
(press release)
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UK manufacturing output fell for the first time since February 2021 in the three months to August, with no growth expected in the three months ahead. That’s according to the latest monthly Industrial Trends Survey from the CBI and Accenture. Manufacturers also reported order books falling below “normal” levels, and expectations for selling price inflation picking up. The survey, based on responses from 257 manufacturers, found: Alpesh Paleja, CBI Lead Economist, said: “From rising prices to bottlenecks in supply chains, manufacturers continue to operate against a background of high input costs and significant operational delays. When coupled with an oncoming economic downturn, it’s not surprising to see orders and activity ebb away as we move through the year. “With expectations for future growth subdued, steps will need to be taken to shore-up confidence in the short to medium term – particularly supporting vulnerable firms and consumers with energy price rises. “Against a backdrop of weaker activity, a permanent replacement for the super-deduction and bold action on business rate reform remain the best ways to support capital investment plans.”
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