Published by Global Banking & Finance Review®
Posted on December 18, 2024
2 min readLast updated: January 27, 2026
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UK manufacturers report the largest output drop since COVID-19, signaling economic slowdown. CBI survey reveals pessimism for early 2025.
LONDON (Reuters) - British manufacturers reported the biggest fall in output in late 2024 since the COVID-19 pandemic and they are even more downbeat about the start of next year, according to a survey that adds to signs of a loss of momentum in the economy.
The Confederation of British Industry said a gauge of output over the three months to December in its monthly industrial trends survey - published on Wednesday - fell to -25, its lowest since August 2020, down from -12 in the three months to November.
Expectations for output over the coming three months dropped to -31, the weakest since May 2020, from +9.
Other surveys have shown a loss of confidence among British employers after finance minister Rachel Reeves announced an increase in social security contributions that firms must pay on in her first budget on Oct. 30.
Official data has shown Britain's economic output contracted in September and October in the run-up to the budget.
The CBI's measure of expectations among firms for how much they will increase the prices they charge over the next three months rose to +23 from +11 in November.
The survey was based on the responses of 331 manufacturers and was conducted between Nov. 25 and Dec. 11.
(Writing by William Schomberg; editing by David Milliken)
The main topic is the significant decline in UK factory output and its implications for the economy.
The CBI survey indicates a pessimistic outlook among manufacturers for the start of 2025.
The UK economy has seen contractions in output in September and October, influenced by policy changes.
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