Industrial orders in the UK fell in May at the fastest pace since the end of 2016

Orders of industrial enterprises in the UK fell sharply in May. According to the Confederation of British Industrialists, the monthly balance of orders fell to minus 10 points from minus 5 points a month earlier. The indicator was the lowest since October 2016 and turned out to be significantly lower than economists' forecasts. Production growth slows sharply as the UK’s exit from the EU approaches. Factories have accumulated the most significant stocks of finished products since 2009. At the same time, the rate of decline in export orders in May became the most significant since July 2016. CBI economist Anna Leach noted that the situation around Brexit forced manufacturers to accumulate stocks at the fastest pace. A sharp decline in orders was added to this, she said. All of these factors explain the manufacturers' desire to “find a quick way out of the current Brexit impasse.”

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