Make UK comment on PMI data

“This morning’s PMI figure, indicating recessionary performance in the manufacturing sector, is the worst in two and a quarter years. Industry is finding maintaining output levels a significant challenge, especially when average input prices are a whopping 22.6% higher now than they were at the same time last year. One enduring pillar of hope for UK manufacturing, high demand for its goods in recent times, has fallen now too, as both domestic and foreign customers batten down the hatches for what is shaping up to be a winter of discontent.

Even with this decline in demand, inflationary pressures persist regardless, fueling the ever-increasing likelihood of stagflation in the UK economy. This morning’s data is a significant, and perhaps the last, warning shot for Government. Immediate intervention is necessary to mitigate the worst of the economic damage to the industry’s fabric. Many of our European peers have already moved to such action, something the UK government should look to mimic if the UK manufacturing base is to keep its head above water.”