Based on a report in City Am, it appears that the UK manufacturing output will plunge by 55%, as per an estimate by Make UK.
The following statement in red has been taken directly from this article: Manufacturing industry body Make UK today said that even a gradual easing of lockdown measures would “continue to hit companies and livelihoods for some time to come”
Its manufacturing monitor report said that the 55 per cent drop in factory output laid out in the OBR’s “scenario” last month is likely to be an underestimate.
Make UK chief executive Stephen Phipson said: “There is no disguising that for the sector overall these are deeply worrying times.”.
Regardless of what the outputs and forecasts say, we strongly believe that the industry needs to unite and collaborate in order to ensure survival of the collective.