July 23, 2019 / 10:12 AM / 3 months ago

UK new factory orders weakest since financial crisis - CBI

    LONDON, July 23 (Reuters) - New British factory orders from
the home market and abroad fell at their fastest pace since the
financial crisis a decade ago in the three months to July, the
Confederation of British Industry said, citing worries about
Brexit and the global economy.
    The survey of 291 manufacturing firms also showed optimism
fell at the fastest pace since July 2016 – just after the Brexit
referendum – and investment spending plans weakened again.
    "With orders, employment, investment, output and business
optimism all deteriorating among manufacturers, it's crucial for
the new prime minister to secure a Brexit deal ahead of the
October deadline," CBI Chief Economist Rain Newton-Smith said.
    Britain is due to leave the EU on Oct. 31, and former
foreign secretary Boris Johnson - the leading contender to
succeed Prime Minister Theresa May - has said he is open to
leaving without a deal if the EU will not renegotiate.
    In July alone the CBI's quarterly industrial orders index
fell to -34 from -15 in June. The median forecast in a Reuters
poll of economists had been for another reading of -15.

 (Writing by William Schomberg; editing by Kate Holton)
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