The battle between Boris Johnson and Jeremy Hunt to outdo each other in offering the hardest Brexit with “no deal” pledges is the “height of irresponsibility”, showing “zero understanding” of the consequences, business leaders have said.
The trade body Make UK spoke out after manufacturers suffered the sharpest fall in activity in six and a half years, adding to signs of economic weakness.
Seamus Nevin, the chief economist at the organisation, said: “Given this outlook, increasing competition to see who can race to the bottom and act tough on ‘no deal’ is the height of irresponsibility with zero understanding of the consequences.” Make UK represents companies ranging from Jaguar Land Rover, Nissan, BMW, Toyota, Airbus and BAE Systems to Lush Cosmetics, Warburtons and Ikea.
The latest purchasing managers’ index (PMI) data showed that the decline in manufacturing activity in May was not a one-off related to the aftermath of Brexit stockpiling in March and the stoppages of some car manufacturing in April.
Nevin said: “Businesses are cutting back on both day-to-day and capital spending with the contraction in output a reflection of growing Brexit uncertainty and, worsening global trade winds.
“Looking ahead the picture shows little sign of improvement with signs of weakness now spreading across the eurozone.” [...]
Full article on The Guardian
Lastest PMI: Eurozone manufacturing downturn accompanied by falling payrolls and lower prices
Make UK comment on PMI data
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