Britain’s main manufacturing lobby, Make UK, told the government to stop “short-term gimmicks” and cut taxes for the sector, as its members reported a significant slowdown in orders and a nose-dive in investment.
The Paris-based Organisation for Economic Co-operation and Development forecast this month that Britain will see the weakest growth next year of any major economy other than Russia, as well as persistent inflation. Stephen Phipson, Make UK’s chief executive, warned of “very stormy waters” ahead and said years of “political chaos and uncertainty” since the 2016 Brexit referendum had also taken their toll on investment.
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