UK factory orders contract at fastest pace since 2020, CBI says
The Confederation of British Industry's data show the manufacturing order balance posting its worst contraction in five years. Iran-war-driven energy costs and weakening domestic demand are the decisive factors.
The CBI's May monthly industrial trends survey showed the order balance falling to -34, the worst level since the March 2020 pandemic shock. Most of the 274 manufacturers polled reported a significant drop in new orders over the past three months.
CBI chief economist Anna Leach said the Iran war is lifting energy costs, with order cancellations particularly visible in chemicals, steel and ceramics. Slowing demand in China and the European Union is also weighing on export orders, adding to the squeeze.
The data complicate the Bank of England's interest-rate debate over the summer. Some Monetary Policy Committee members have signalled openness to a rate cut, but inflation is expected to climb again from 2.8 percent. Industry groups are urging the government to extend energy-cost support for energy-intensive sectors.
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