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Manufacturing Confidence Slips Thanks to Brexit

Confidence within the manufacturing sector has slipped amid concerns that firms might struggle to find skilled staff once the UK leaves the European Union, as well as fears over falling exports.

The Brexit curse has struck again. The 2016 referendum and eventual decision to eject the UK from the EU has been widely controversial and has caused a multitude of problems for the country since. The departure of EU workers was an almost immediate reaction, impacting construction and manufacturing sectors that rely on a skilled workforce. Ultimately, it is the resulting political uncertainty that has had the strongest impact on British business. New reports have found this uncertainty has not subsided, with manufacturing firms now uneasy about recruitment efforts after Brexit.

The new data was reported by the Confederation of British Industry (CBI) in response to its Industrial Trends Survey. The business organisation called for “immediate action” after its survey found manufacturers’ worries concerning political impact had accelerated. According to the findings, manufacturers are particularly concerned about the impact on exports as Britain moves closer to a ‘new deal’ Brexit conclusion.

Manufacturing accounts for around a tenth of the economy, so an industrial slowdown can have a large effect on the country’s overall economic health. The negative impact Brexit has had on the business community had already seen low demand, weakened business confidence and a slower performance. The CBI survey reported the weakest balance of new orders in British factories since October 2015 as both domestic and international demand plummetted.

 

Rain Newton-Smith, CBI chief economist, said: “This is a sobering set of figures demanding immediate action at home and abroad.

“Planned investment is being scaled back in the face of deepening Brexit uncertainty, so it’s vital that the Chancellor incentivises manufacturers to spend in areas that will help them become more productive.

The solution is not to wait for the government to reach an agreement with Brussels, as political uncertainty may continue for an indefinite amount of time. Instead, manufacturers should refocus on improving their own factory’s performance and financial prospects. This, of course, is why the Credit Protection Association can help.

The combined power of our debt recovery and credit monitoring services free up cash flow while also setting in place the right safeguards to protect it. Our credit reports, credit rating information, directorship register and County Court data all provide a comprehensive financial account for all customers and suppliers. While businesses navigate this uncertain political climate, information is power.

 

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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