LONDON – Britain’s manufacturers association on Thursday slashed its forecast for growth in factory output next year, citing huge uncertainty around demand and energy prices.
Make UK downgraded its forecast for manufacturing growth for next year to just 0.6 percent, down from the 1.7 percent forecast in June.
Soaring energy costs, caused by Russia’s ongoing invasion of Ukraine, have eroded consumer demand and pushed up operating costs for businesses.
“Eyewatering costs and a very difficult international environment… (threaten) to shatter expectations of a sustained recovery from the pandemic and put many perfectly viable businesses at risk,” said Stephen Phipson, chief executi…
Keep on reading: UK’s top manufacturing body slashes forecasts for 2023