In January, British factory output continued to decline, reflecting significant cost inflation that has reached a two-year high. The S&P Global UK manufacturing PMI survey showed a reading of 48.3, indicating contraction in activity, with larger firms showing some recovery. The Chancellor's tax increases and upcoming rises in national insurance contributions and minimum wage are expected to exacerbate cost pressures on companies, leaving business optimism at a low. Experts suggest there is little hope for immediate performance improvement across the industry.
In January, British factory output continued to decline owing to record high cost inflation, reaching levels not seen in two years.
The S&P Global UK manufacturing PMI survey indicates that while larger companies improved, overall performance for small businesses remains weak.
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