Mon, 27-Jun-2022
Wednesday 06 Nov 2019 , 11:16 am

Brexit Referendum in 2016 Causes Slowdown in British Small Manufacturing Firms

Companies reported weak new orders - especially from clients in Britain - and little enthusiasm to raise investment spending.
By SIN Bureau
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According to a survey published on Wednesday, small British manufacturing firms are their most pessimistic since just after the Brexit referendum in 2016 as they face political uncertainty at home and trade wars abroad.

The Confederation of British Industry’s gauge of optimism for small and medium-sized manufacturers fell to -32 in the three months to the end of October, down from -28 in the three months to July.

Britain’s economy shrank in the second quarter of 2019 but is widely expected to have shown some growth in the July-September period, thus avoiding a recession.

As well as Brexit, British manufacturers are facing up to a slowdown in the global economy caused by trade tensions between the United States and China.

The CBI’s survey showed almost two-thirds of the 240 companies which took part cited political or economic conditions abroad as likely to limit export orders, a survey record high.

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Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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