- Manufacturing output in July 2016 fell by 0.9% on the month, but was up by 0.8% on the year.
- Total industrial production in July 2016 was up by 0.1% on the month and was up by 2.1% on the year.
Commenting on the UK Index of Production figures for July 2016, published today by the ONS, Suren Thiru, BCC Head of Economics, said:
“The manufacturing sector recorded its biggest monthly drop for a year in July. While the post-referendum slide in sterling is likely to help support exporters in the coming months, there is already some evidence that this will also push up the input costs faced by manufacturers – placing downward pressure on margins.
“The UK’s manufacturing base continues to struggle with long-term structural issues. The continued failure to address some of these deep-rooted issues has left the sector increasingly exposed to economic uncertainty at home and challenging global conditions.
“The priority for the upcoming Autumn Statement must be to boost business confidence by addressing the UK’s creaking infrastructure and supporting businesses to invest, hire and grow.”