The UK manufacturing slowdown continues to play out with output growth nearing stagnation and new orders declining for the first time since January 2021. Although easing slightly, price  inflation  remains elevated and business optimism dipped to its lowest level in over two years. S&P Global notes that:

“UK manufacturing output growth ground to a near standstill in June, as intakes of new work contracted for the first time since January 2021. Domestic market conditions became increasingly difficult and foreign demand fell sharply again, stifled by Brexit, transport disruption, the war in Ukraine and a global economic slowdown. Business confidence took a hit as a result, dipping to its gloomiest since mid-2020. Jobs growth also slowed sharply amid the increasingly uncertain outlook and recent surge in energy costs.