UK braces for 2 yrs of recession as manufacturing sector shrinks by over 4%

The UK’s manufacturing sector shrank by more than 4% this year, a survey found, with predictions of another sharp decline in 2023.
 

Deteriorating economic conditions both in the UK and abroad are imposing a “vice-like grip” on factories, industry body Make UK said Monday. Its outlook, based on a survey conducted with accountancy firm BDO LLP, showed a 4.4% contraction this year and 3.2% drop next year.

Make UK warned that this year’s decline is partly the result of tough comparisons, given the economic rebound from Covid in 2021, and a methodological change. Still, the forecasts have been consistently revised