mobanmarketLondon: British manufacturers saw a pick-up in orders in November albeit from near decade-low levels, helped by the avoidance of a no-deal Brexit at the end of October, a survey by the Confederation of British Industry showed on Tuesday.
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The CBI’s monthly orders balance rose to -26 from -37 in October, their highest level since August and stronger than a median forecast of -31 in a Reuters poll of economists.
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October’s level of orders was the weakest in nine years.
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“While the thick fog of uncertainty from a no-deal Brexit has lifted somewhat, the manufacturing sector remains under pressure from weak global trade and a subdued domestic economy,” Anna Leach, the CBI’s deputy chief economist, said.
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“It’s clear that the outlook for the sector remains precarious.”
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Export orders picked up after touching their lowest level since the financial crisis of 2008.
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Manufacturers expected output to be flat over the next three months, the CBI said.
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The European Union has set a new Brexit deadline of January 31 and Prime Minister Boris Johnson has called an election for December 12 in a bid to break the impasse in parliament over the divorce deal he negotiated with Brussels.
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