Iain Wright MP, Labour's Shadow Competitiveness & Enterprise Minister, commenting on October’s UK Manufacturing Purchasing Managers’ Index, published today, said:
“While out of touch ministers talk of a resurgence in British manufacturing, they have failed our country’s producers. It is deeply worrying that UK manufacturing is shrinking faster than expected, with the Purchasing Managers’ Index falling to its lowest point in more than two years. This comes on top of last week’s CBI Industrial Trends survey, which revealed that manufacturers’ expectations are plummeting at their fastest rate since April 2009.
“It is no surprise that the proportion of firms which see the country as being business friendly has fallen back since last year.
“Today's figures confirm that the British economy has been bumping along the bottom for the past twelve months - flatlining when we need strong growth to get unemployment and the deficit down.
"Labour’s five point plan for growth would boost the economy now and help businesses create jobs, including through bringing forward major investment projects.”