Unwelcome news for the coalition ahead of tomorrow’s announcements but more confirmation of expectation than surprise leaving Mr Osborne to answer 4 fundamental economic questions.
The recovery in British manufacturing has stumbled, with factory orders falling at the sharpest rate since April and optimism reaching a 14-month low.
The Confederation of British Industry’s monthly manufacturing survey showed the orders balance dropped to -28 this month from -17 in September.
Export orders fell at the fastest rate since February, with that balance at -21 from -5 in September. The balance is the difference between the percentage of manufacturers reporting an increase or above normal orders, and those reporting a decrease or below normal orders.
The CBI’s quarterly survey, which was conducted in parallel, showed a sharp worsening in business optimism to the lowest levels since July 2009.
Cost pressures show no signs of abating, putting further pressure on manufacturers’ profit margins.
Author: Chris Slay
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