Ahead of Brexit, UK factories go quiet. Read more:
LONDON - British manufacturing contracted last month at the fastest rate in seven years, rocked by the deepening Brexit crisis and the global downturn, boding poorly for the chances of an economic rebound in the third quarter, a survey showed on Monday.
Only German manufacturing fared worse among the national PMIs produced for Europe by data company IHS Markit. Britain’s overall economy shrank in the second quarter too, a hangover from the stockpiling boom in advance of the original March Brexit deadline. Another contraction in the current quarter would officially herald a recession.
Respondents to the PMI survey cited the global slowdown and Brexit as reasons for lower demand from domestic and foreign customers, some of whom are moving supply chains away from Britain before the Oct. 31 deadline for leaving the EU.
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