McKinnell - Fall in manufacturing PMI worrying sign of real impact Brexit is already having on UK economy - People's Vote

McKinnell - Fall in manufacturing PMI worrying sign of real impact Brexit is already having on UK economy

UK manufacturing growth has fallen to its lowest level since July 2016 – well below forecasts. The decline in new orders and employment in the manufacturing sector has been linked to companies taking a defensive position and low business optimism related to Brexit.

Responding, Catherine McKinnell MP, a leading supporter of People’s Vote, said:

“This latest fall in manufacturing PMI is a worrying sign of the real impact Brexit is already having on the UK economy. Business confidence, orders and long-term planning have all been significantly damaged by the uncertainty over Brexit.

“Deal or no deal, it’s becoming clearer by the day that the UK is headed for a miserable Brexit. This has turned into a mess that nobody voted for and it’s only going to get worse.  Business requires clarity on our future relationships, but the uncertainty will only get worse if the UK faces a blindfold Brexit. The biggest problems are still to be negotiated and many of the consequences are still being concealed.

“The government has ruled out a permanent deal for staying in the Customs Union, meaning that manufacturers face delays, interruption of supply chains and extra costs. We now need to decide whether the outcome of this disastrous process to take us out of the EU is what we want, or whether the deal we’ve already got in the EU might be better. That’s why we need a People’s Vote.”

/ends