UK industry outlook weakest since 2009 on Brexit and world slowdown

FILE PHOTO: The Canary Wharf financial district is seen from the construction site of 22 Bishopsgate in London
FILE PHOTO: The Canary Wharf financial district in London, Britain, June 25, 2019 REUTERS/Hannah McKay/File Photo

October 22, 2019

LONDON (Reuters) – British manufacturers expect their orders to fall at the fastest rate in a decade over the next three months due to the slowing global economy and Brexit uncertainty, a quarterly survey by the Confederation of British Industry showed on Tuesday.

The CBI said its manufacturing orders balance sank to -19 in October from +10 in July, the lowest since April 2009.

The CBI’s monthly orders balance for October sank to -37 from -28 in September, below all forecasts in a Reuters poll and its lowest since March 2010.

“A combination of Brexit uncertainty and weaker global growth are clearly hitting sentiment and export prospects, with job prospects at their weakest since the global financial crisis,” CBI chief economist Rain Newton-Smith said.

(Reporting by David Milliken; Editing by William Schomberg)

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