UK manufacturers' confidence tumbles, says EEF
The exchange rate volatility, political uncertainty and expectations of increased costs and weaker demand all took its toll on confidence, the EEF said.
About 53 percent of firms identified weaker sterling as an opportunity, while 75 percent were concerned about exchange rate volatility.
Over 80 percent said order intake is unchanged or it is too soon to say what the impact has been. Although the immediate picture looks promisingly steady, the same cannot be said of the outlook in six months' time, survey revealed.
The forecasts showed that, following the vote to "Brexit", in all scenarios the sector will remain in recession until at least the end of 2017.
"Rather than an immediate storm, it is clear that manufacturers see the real risks from the referendum outcome presenting over the next six months to a year," Terry Scuoler, CEO of EEF, said. ■