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09/08/2019

Commenting on today’s GDP data, Seamus Nevin, Chief Economist at Make UK, the manufacturers’ organisation, said:

 

“The fall is disappointing but not surprising, largely driven by the ongoing collapse in manufacturing production due to the global slowdown and ongoing Brexit uncertainty."

 

“Some would have expected the decline in the price of the pound to have offset this by making UK goods more affordable to foreign consumers, but the fact that UK supply chains are some of the most internationally integrated in the world means this hasn’t helped."

 

“These figures add to the recent Bank of England warnings and will reinforce worries that the global economy is in a downward spiral.”

News / Make UK