Justin Benson, Head of Automotive at KPMG UK, comments on the IHS Markit/CIPS Manufacturing PMI results for October, released today.
He said: “With the UK manufacturing PMI for October dropping by 2.5 points, it suggests that business confidence is on a downward trend. Combine that with Brexit, trade negotiations between the US and China, German elections and Italian debt, the picture it paints is one of increased geopolitical uncertainty.
“With this PMI downturn and the last two quarters of negative investment growth, the industry needs to get investing again. The UK is still a great place to make high quality products cost effectively, but in order to remain competitive, UK businesses must look to extend exports in new markets, or start exporting, if they aren’t already.”
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