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11.19am BST
It’s not surprise that factory output slumped since the pandemic began (it shows the lockdown is working as planned).
But the CBI is particularly concerned that factory order books are “remarkably poor”, suggesting manufacturing is still very weak.
The UK #manufacturing sector remained in a deep downturn in June due to the ongoing COVID-19 crisis. Output volumes fell at a record pace in the three months to June, exceeding the previous record from May 2020 #ITS https://t.co/L9gEFq8WBq pic.twitter.com/2iC2AC2z8K
Total order books remained remarkably poor, despite improving slightly on May, while export order books worsened to their lowest on record #ITS https://t.co/L9gEFq8WBq pic.twitter.com/Z7ss6n7yGV
11.09am BST
Breaking: UK factories have suffered their worst quarter on record, thanks to the ongoing lockdown.
The CBI reports that British industrial output shrank at an unprecedented pace in the three months to June as COVID-19 heavily disrupted operations.
“The UK manufacturing sector remained in a deep downturn in June due to the ongoing COVID-19 crisis. Output volumes declined at a new record pace and export order books fell to an all-time low, reflecting the significant fall in demand in the UK and abroad. Firms are again hoping that this will ease somewhat in the next three months.
“The Government has already undertaken a huge amount of work to provide financial lifelines to businesses throughout this unprecedented period. With firms having been encouraged to restart operations, the Government must continue to engage with the sector to understand their specific concerns and provide support as needed.”
Source: UK factories suffer worst quarter on record amid coronavirus lockdown – business live
Category: Business, Stock markets, Coronavirus outbreak, FTSE, Sterling, Gold
