February 21, 2024
(press release)
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Manufacturers reported that output volumes fell in the three months to February, and at a faster pace than in the three months to January, according to the CBI’s latest Industrial Trends Survey (ITS). However, manufacturers expect output to rise marginally in the quarter to May. Both total and export order books were reported as below normal in February, though they improved relative to last month. Expectations for future selling price inflation ticked up in February, to their strongest since July 2023. The survey, based on the responses of 344 manufacturers, found: Anna Leach, CBI Deputy Chief Economist, said: “UK manufacturing conditions remain challenging, with lower output volumes widely reported across the sector this month. But there were also some hopeful signs. Order books improved - in the case of export orders to above their long-run average - and manufacturers continue to expect output to improve in the months ahead. As we head towards the Budget, it is critical that the Chancellor uses this opportunity to put the country on a path to sustainable growth through further steps to incentivise innovation and investment in high-growth sectors, including in manufacturing, for example, through bringing capital expenditure within the scope of the R&D tax credits scheme.”
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