June 19, 2019 / 10:10 AM / a month ago

UK factory orders slide in June as car output withers - CBI

LONDON, June 19 (Reuters) - British factory orders slid in June against a backdrop of stoppages in car production following uncertainty about when Britain will leave the European Union, the CBI's monthly industrial trends survey showed on Wednesday.
    The Confederation of British Industry survey's total order book balance sank to -15 this month from -10 in May, the weakest reading since October 2016 and a steeper fall than expectations of a reading of -12 in a Reuters poll.
    June's production index sank to +2 from +14 in May, which the CBI said reflected the sharpest contraction in car manufacturing since March 2009, as producers brought forward seasonal plant closures.
    "There's clear evidence that Brexit uncertainty is really biting, with our surveys showing volatility in both stocks and output in recent months," CBI economist Alpesh Paleja said.
    "Firms are desperate to see an end to the current impasse. That means securing a Brexit deal that can not only command the support of parliament and the EU, but prioritises the protection of jobs and the economy," he added. 
 (Reporting by David Milliken, editing by Andy Bruce)
  
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