23.07.201906:28:00UTC+00UK Manufacturers See Slight Recovery In Activity: CBI

UK manufacturers reported a decline in activity over three months to July but firms forecast a slight recovery in months ahead, the latest quarterly Industrial Trends survey from the Confederation of British Industry showed Tuesday.

A balance of 15 percent reported a fall in new orders compared to +5 percent in three months to April.

The domestic order balance declined to -19 percent and export orders to -28 percent. Both readings were at their respective quickest paces since the financial crisis, the lobby said.

Nonetheless, the new order balance for the next three months is forecast to pick up to +10 percent.

In July, the order book balance declined to -34 percent from -15 percent in June. The score was forecast to remain unchanged at -15 percent.

Optimism among manufactures declined at the fastest pace since July 2016. The balance of optimism about the general business situation plunged to -32 percent in three months to July.

Tom Crotty, chair of CBI manufacturing council, said, "With activity contracting, sentiment deteriorating, and key investment decisions on hold, there can be no clearer evidence of how much Brexit uncertainty is continuing to hold back the UK's manufacturing sector."

"It is critical that the next Prime Minister puts an end to the deadlock so that manufacturers have the certainty needed to invest in their growth and productivity," Crotty added.