By Suban Abdulla LONDON (Reuters) - Britain's main manufacturing trade body on Monday cut its forecast for the sector's growth for this year and next, ...
By Suban Abdulla LONDON - Britain's main manufacturing trade body on Monday cut its forecast for the sector's growth for this year and next, citing a sharp fall in factory output andaFrite Restaurant's Fight for Survival: little Halifax versus Halifax's little Toronto | SaltWireLONDON - Britain's main manufacturing trade body on Monday cut its forecast for the sector's growth for this year and next, citing a sharp fall in factory output and economic uncertainty.
"Manufacturers are seeing a very sharp slowdown in activity as the potent cocktail of rising interest rates, cost of living and slowing overseas markets bites hard," Verity Davidge, policy director at Make UK said. Official figures last week showed the country's economy shrank by a sharper-than-expected 0.5% in July after public sector strikes and unusually rainy weather weighed on output.
"There's an argument here that says the Bank of England's plan to raise interest rates and stamp out inflation is working," Richard Austin, national head of manufacturing at BDO, which sponsors the survey, said.
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