Last month’s referendum decision to leave the European Union prompted several weeks or turmoil in financial markets. This was also accompanied by some big changes in the political landscape.
EEF conducted a survey of UK-based manufactures to see how, if at all, these developments were been seen in the real economy. The main messages from our survey are:
- Current trading conditions largely unchanged since the referendum.
- But a weaker UK and/or European economy is expected to lead to lower orders in the next six months.
- Manufacturers identify multiple risks in the next 12 months, knocking confidence.
- Still there are opportunities from a weaker exchange rate and beneficial policy changes.