British manufacturers expect output to fall by 3.2% next year after a 4.4% decline in 2022, as they are hit by rising raw material prices and borrowing costs and a slide in consumer demand, a trade body said on Monday.
"There is simply no sugar-coating the outlook for next year and possibly beyond," said Stephen Phipson, chief executive of Make UK. "These are remarkably challenging times which are testing even the best and most successful of companies to the limit."
"The bigger issue is that the UK risks sleepwalking into an acceptance that little or no growth is the norm. Government needs to work with industry as a matter of urgency to deliver a long-term industrial strategy," Phipson said. Make UK, which says it represents 20,000 companies ranging in size from start-ups to multinationals, forecasts the broader economy will shrink 0.9% next year, less than the 1.4% decline forecast by the government's Office for Budget Responsibility last month.
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