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UK manufacturing firms' investment intentions at weakest level since 2009, finds CBI UK manufacturing firms' building investment intentions at weakest level since 2009, finds CBI
(35 minutes later)
Manufacturing firms' investment intentions are back down to their weakest since 2009 according to the CBI's latest survey of the sector. Manufacturing firms' building investment intentions are back down to their weakest in eight years according to the CBI's latest survey of the sector.
The net balance for new capital spending on buildings plunged to -30 per cent. The net balance for new capital spending on buildings over the next 12 months plunged to -30 per cent, the lowest since July 2009.
The net balance for plant and machinery spending also fell to -7 per cent. The net balance for plant and machinery spending also slipped to -7 per cent.
Other surveys have shown that uncertainty related to future trade arrangements after Brexit in 2019 is discouraging investment among firms. Other surveys have indicated that uncertainty related to future trade arrangements after Brexit in 2019 is discouraging investment among firms.
The order books of UK manufacturers also grew at their weakest pace in 11 months in October. The CBI, along with other business lobby groups, have reportedly written to the Brexit Secretary David Davis, warning that if a post-Brexit trade transition deal with the rest of the EU after March 2019 is not agreed very soon there will be a cost in terms of jobs and investments.
Respondents expectations for overall output fell to +19, the lowest since April. The order books of UK manufacturers also grew at their weakest pace since April 2016 in October, according to the CBI's latest survey
"We’ve seen a general softening in manufacturing activity over the past three months, with the outlook for investment becoming more subdued," said Rain Newton-Smith, the CBI's chief economist. "We’ve seen a general softening in manufacturing activity over the past three months, with the outlook for investment becoming more subdued," said Rain Newton-Smith, the CBI's chief economist.
The CBI's Industrial Trends Survey was conducted between 26 September and 12 October and covered 399 manufacturing companies.The CBI's Industrial Trends Survey was conducted between 26 September and 12 October and covered 399 manufacturing companies.
The Office for National Statistics estimates that manufacturing contracted by 0.3 per cent in the third quarter of 2017 after growth of 0.6 per cent in the first three months of the year. The Office for National Statistics estimates that manufacturing contracted by 0.3 per cent in the third quarter of 2017 after growth of 0.6 per cent in the first three months of the year.
Business investment grew by 0.5 per cent in the second quarter, after an 0.8 per cent expansion in the first quarter.Business investment grew by 0.5 per cent in the second quarter, after an 0.8 per cent expansion in the first quarter.
The ONS will release its preliminary estimate for third quarter GDP growth, including manufacturing output, on Wednesday.The ONS will release its preliminary estimate for third quarter GDP growth, including manufacturing output, on Wednesday.
  Manufacturing accounts for around 10 per cent of UK GDP.
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