Rush To Stockpile Sweeps UK Factories Ahead Of Brexit: PMI

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LONDON, (Reuters) – British factories scrambled to stockpile goods in January at the fastest rate since records began in the early 1990s as they braced for a potentially chaotic Brexit in less than two months’ time, a business survey showed on Friday.

The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) also showed deepening pessimism across the sector which saw output grow by the smallest amount since July 2016.

Survey - Index - December - Consensus - Forecast

The survey’s overall index fell to 52.8 from 54.2 in December, a three-month low and below the consensus forecast in a Reuters poll of economists for 53.5.

While better than the similar readings of manufacturing in France and Germany, survey compiler IHS Markit said the out-performance of British factories was driven by a surge in demand for stockpiling materials ahead of Brexit.

Prime - Minister - Theresa - May - Pressure

Prime Minister Theresa May, under pressure from her own Conservative Party, wants to reopen a Brexit treaty with the European Union to replace a contested Irish border arrangement, something Brussels has rejected.

Investors have urged the government to ensure an orderly exit from...

(Excerpt) Read more at: www.oann.com

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