Export orders dropped at the fastest pace since October 2014, the survey showed, reflecting global trade tensions and European businesses diverting supply chains away from Britain because of Brexit uncertainty, the PMI showed. Pre-Brexit stockpiling subsided in May, having boosted economic growth in Q1 2019. The UK's manufacturing industry saw its sharpest downturn since July 2016 as orders fell. Economists had predicted the IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) would fall from 53.1 in April to 52.0. A weaker pound has also hurt exports and investment by foreign companies. Exports fell sharply, amid global tensions and as European companies try to protect their supply chains from the impact of further Brexit uncertainty.
Pre-Brexit stockpiling subsided in May, having boosted economic growth in Q1 2019. The UK's manufacturing industry saw its sharpest downturn since July 2016 as orders fell. Economists had predicted the IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) would fall from 53.1 in April to 52.0. A weaker pound has also hurt exports and investment by foreign companies. Exports fell sharply, amid global tensions and as European companies try to protect their supply chains from the impact of further Brexit uncertainty.