Immediate stimulus package for manufacturers should lead measures to boost investment and save jobs
- Output plunges to lowest level in 30 year survey history
- UK and export orders at lows comparable to financial crisis
- Employment and investment suffer significant cutbacks
- Just over 10% of companies operating at full capacity
- Industry forecast to contract by almost 10% in 2020
Britain’s manufacturers are calling for a National Recovery Plan, including an immediate stimulus package, to boost investment and help save jobs on the back of a major survey showing that output in the sector plunged to a record low as the full impact of the crisis hit home.
The Make UK/BDO Manufacturing Outlook Q2 survey comes on the back of the historic fall in GDP and shows the balance for output reached the lowest level in the thirty year history of the survey, surpassing the previous record lows seen during the worst of the financial crisis. Looking forward the survey shows the prospect for the next quarter and the rest of the year looks little better.