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UK manufacturing orders remain weak

A survey by the CBI has today confirmed what many in the market had feared, that manufacturing levels are set to move even lower in the short to medium term. This is despite a large devaluation in sterling, which would in normal times have seen an increase in export opportunities amongst the U.K.'s manufacturers. The very fact this increase has not materialised as yet is a major concern as is the fact that many manufacturers in the UK expect order levels to decrease in the short term.

There are now fears that manufacturing levels will fall to their lowest since 1980 and many companies will feel the financial pressures on their balance sheets. There are serious concerns that a substantial number of UK businesses will go out of business over the next 12 to 18 months unless they receive a significant rescue package from the government.

The severity of the survey has surprised many in the market with more than 42% of those questioned expecting output to fall over the next three months. There has also been a major reduction in the number of export orders which is not something you would have expected in the current market.

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