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Horror show of uncertainty continues for UK manufacturing

Horror show of uncertainty continues for UK

Commenting on the latest IHS Markit/CIPS UK Manufacturing PMI figures, Stephen Cooper, Head of Industrial Manufacturing at KPMG UK, said:

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Commenting on the latest IHS Markit/CIPS UK Manufacturing PMI figures, Stephen Cooper, Head of Industrial Manufacturing at KPMG UK, said:

“UK manufacturers will see today’s PMI figure as more trick than treat, as stockpiling in anticipation of an October Brexit flattered the numbers, which remain in negative territory. Looking East, Chinese manufacturers are seeing a ray of unexpected sunshine in the form of better than expected Chinese PMI data which boosted Asian markets. We could do with a similar uptick in the UK and Europe, as continued job losses and falling investment paints a gloomy picture.

“Brexit continues to weigh down on confidence in the sector, as does the global economic backdrop – but perhaps the result of the upcoming UK general election will help alleviate some of this.

“Looking ahead, manufacturers need to keep an eye on sterling and exchange rates, and they should also continue to manage their cost base and working capital carefully.”

-ENDS-

For media enquiries, please contact:

Jo Chileshe, KPMG Corporate Communications

M: 07919 211803
E: jo.chileshe@kpmg.co.uk

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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