UK manufacturing is experiencing a significant slump, with the S&P Global UK manufacturing PMI dropping to 44.9 in March, marking the lowest reading since October 2023. Factors contributing to this decline include rising domestic costs, geopolitical tensions, and trade disruptions due to tariffs from Donald Trump's policies. Business optimism is also dwindling, indicating manufacturers are preparing for challenging times ahead. Experts stress the urgency for government intervention amidst fast-declining orders and demand for UK goods, highlighting a broader, endemic challenge beyond previous years' issues.
"Companies are being hit on several fronts. Many reported that domestic market conditions are deteriorating, costs are rising due to changes in the national minimum wage..."
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