The latest survey of UK factories by the CBI has confirmed that the sector is slowing.
British industrial output fell over the past three months for the first time since February 2021, according to the CBI’s ‘industrial trends’ report.
Firms also reported a drop in new business, with the order book balance hitting its lowest since April 2021.
This mirrors the message from this morning’s PMI survey, which showed a surprisingly sharp drop in factory activity this month.
CBI economist Alpesh Paleja says: “With expectations for future growth subdued, steps will need to be taken to shore-up confidence in the short to medium term – particularly supporting vulnerable firms and consumers with energy price rises.”