Manufacturers have slashed growth forecasts for next year with a "darkening picture" for exports as the Brexit transition ends, a report reveals today.
Make UK said if there is no trade agreement with Brussels, the predictions may be revised given the potential for "significant damage" to manufacturing, with the motor vehicles sector especially vulnerable to the impact of tariffs.
The transition ends on December 31 and negotiations to strike a deal with the EU continue. Make UK chief executive Stephen Phipson said: "Manufacturing has stepped back from the abyss that it stared into earlier in the year, but it is going to be a long haul back, with talk of a V-shaped recovery nothing more than fanciful. “However, having endured over four
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