Commenting on the GDP and IoP data released today Fhaheen Khan, Economist at Make UK, the manufacturers’ organisation, said:
“This reflects the extent of uncertainty in the final run up to the October Brexit deadline, a time where a possible extension was likely but not confirmed. The Brexit hourglass has now flipped and as we approach a new deadline next month there is little prospect of this anaemic performance ending, a scenario which will no doubt impact on investment choices amongst UK manufacturers over the next year.
“After avoiding a statistical recession in Q3, today’s data also emphasises that a strong service sector alone cannot promote economic prosperity in the UK. The only sectors which saw growth were pharma and food and drink, both of which will have been boosted ahead of Christmas. Overall, however, a weakening of the manufacturing sector has hampered growth and measures to unlock the growth potential of the sector through a re-invigorated industrial strategy must be a key feature for policy makers next year.”