Order books on the rise
In November, UK manufacturers revealed their strongest performing order books since Brexit. They are also the most confident they have been in terms of future performance for close to two years, a new industry survey has shown.
The Confederation of British Industry (CBI) said that the monthly industrial orders balance rose from -17 in October to -3 in November (economists had predicted an improvement to around -9), but orders surpassed expectations and reached their highest level since June.
The survey of 430 manufacturers also found that export orders, which have been performing strongly following Brexit, fell to -11 from -6, still above average. However, there is still much positivity, and output expectation amongst manufacturers for the next three months rose to +24 from +13. Production levels have been predicted to rise at their fastest pace in almost two years in the next three months.
“It’s good to see manufacturers’ overall order books at healthy levels and the outlook for output growth remaining robust as we head into Christmas,” said Rain Newton-Smith, CBI’s chief economist.
Since Brexit, Britain’s economy has coped better than almost all reports predicted. For manufacturing, the latest reports and surveys suggest that the industry will be ending the year on a high.
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