Brexit and Covid hit demand for exports from UK factories
Source: The Guardian
Brexit and Covid hit demand for exports from UK factories
Supply chain disruption and staff shortages held back economy in December
Richard Partington Economics correspondent
@RJPartington
Tue 4 Jan 2022 11.31 GMT
Britain’s manufacturers have suffered a drop in export demand amid pressure from Covid and Brexit, according to fresh data that shows supply chain disruption and staff shortages held back the economy in December.
The latest snapshot from IHS Markit and the Chartered Institute of Procurement and Supply (Cips) showed growth in UK factory output was limited last month by Covid restrictions and Brexit weighing on orders and pushing up costs.
According to the survey of 650 manufacturers, which is tracked by the government and the Bank of England for early warning signs from the economy, inflows of new work from overseas dropped for the fourth month in a row.
While firms reported continued growth at the end of last year and a slight easing of supply chain delays, manufacturers said logistics issues, Brexit difficulties and the possibility of further pandemic restrictions at home and overseas had damaged export demand at the end of the year.
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Read more: https://www.theguardian.com/business/2022/jan/04/brexit-covid-exports-uk-factories-economy-manufacturing