October 2023 sees UK business sentiment decline

Despite these figures, output volumes remained stable in October, and a modest increase is anticipated over the coming quarter. However, the stasis in total new orders and the forecast sharp drop in export orders underscore the challenges ahead, according to the Confederation of British Industry’s (CBI) latest small medium enterprises (SME) Trends survey.

Material shortages, once a significant bottleneck, have lessened somewhat, but the shortfall in skilled labour has intensified, surpassing the long-term average. Financial constraints are also at their most pronounced since October 2009, barring the pandemic period.

Employment figures in the sector took a hit for the first time in three years, but a modest increase in the workforce is on the horizon. As firms navigate these uncertain times, the mixed investment intentions highlight a cautious yet adaptive approach in the UK’s SME manufacturing sector.

ALCHEMPro News Desk (NB)