British manufacturers reported one of their sharpest falls in activity since the 2008-09 recession last month, as new orders fell sharply and companies cut jobs, a monthly survey showed.
The S&P Global/CIPS UK manufacturing Purchasing Managers' Index sank to 45.3 in December from 46.5 in January, its lowest since May 2009 apart from two months at the start of the Covid-19 pandemic in 2020.
"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% this year as businesses and households continue to face high inflation.
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