Since the Brexit referendum back in 2016, manufacturing companies and factory workers have suffered from sluggish demand and productivity. Trade talks with Brussels have progressed slower than expected, with the Government offering little to the business community to qualm anxieties and concerns. As a result, the business landscape has become shrouded with uncertainty, with British factories suffering the most.
Britain’s poor productivity performance has already concerned economists and business owners alike, with previous efforts proving ineffective. Unfortunately, now it seems low demand and plummeting business confidence could inflict even further damage upon the manufacturing sector.
A new purchasing managers index (PMI) compiled by IHS Markit, has revealed a slowdown in new orders from overseas. Furthermore, while companies are still hiring staff to increase output, many have cut the pace of recruitment in recent months. This slower growth illustrates the damage that Brexit inflicted upon the country’s prospects, with international economies losing interest in Britain’s domestic products.
If Britain is to reach the Brexit deadline next year, its competitive edge must be encouraged and sustained. Innovative projects and bold advancements are clear ways to boost the country’s image to rival economies. At the Credit Protection Association, our debt recovery service has been utilised by our Members to purchase new technology and equipment. These have either gone on to boost productivity and business output, as well as drive the innovation of the sector.