The Manufacturing PMI's drop to 48.0 signals a challenging environment influenced by budget impacts, economic outlooks, and new tariffs from the US administration.
The recent Budget announcements, particularly the rise in national insurance contributions and the minimum wage, have left businesses feeling strained and hesitant about future growth.
While the Industrial Strategy highlights the necessity to boost skills and attract investment, there's skepticism about its effectiveness in driving growth amid looming challenges.
The combined pressure of inflation, high interest rates, and geopolitical risks could further complicate the manufacturing sector's recovery in the coming years.
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