Tuesday’s figures broadly chime with a gloomy outlook issued last month by trade association Make UK, who forecast output in the manufacturing sector would fall 3.2% in 2023
British manufacturers are starting 2023 on the back foot, after they reported one of their sharpest falls in activity since the 2008-09 recession last month, reflecting a sharp fall in new orders and ongoing job cuts.
“Output contracted at one of the quickest rates during the past 14 years, as new order inflows weakened,” S&P director Rob Dobson said. “The decline in new business was worryingly steep, as weak domestic demand was accompanied by a further marked drop in new orders from overseas.” Government budget forecasters predicted in November that the British economy as a whole would shrink 1.4 per cent this year as businesses and households continue to face high inflation.
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