Doom and Gloom in UK Manufacturing?

A survey conducted by the CBI has reported that UK manufacturing firms fear that up to 26,000 jobs could be lost over the next three months. The CBI and Experian poll showed that confidence in the manufacturing industry has fallen in eight of the UK’s 11 regions over the past quarter with the north west hit hard. Despite the sharpest fall in confidence occurring with firms in the West Midlands, London and the South East are expected to bear the largest decline in manufacturing employment. The CBI states that whilst 26,000 jobs is a large figure, it is still short of the losses seen during the steep manufacturing recession of 2001 to 2003. However, the latest data from the Office for National Statistics shows a 0.6 per cent between November and December, its fastest pace in seven months.