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British small and medium-sized manufacturers optimism dropped at the fastest pace since mid-2016, quarterly survey from the Confederation of British Industry showed Wednesday.
According to SME Trends Survey, business sentiment fell to -32 in three months to October, the fastest fall since July 2016. At the same time, output remained flat in the three months to October and a balance of -9 percent expects it to fall next quarter.
Total new orders slid slightly in the three months to October driven by ongoing falls in both domestic orders and export orders.
"Firms are caught between the perfect storm of perennial Brexit uncertainty at home, and sluggish growth in the global economy," Alpesh Paleja, CBI lead economist, said. As well as hitting output, orders and hiring, these issues are depressing investment plans across the board.
