British industrial output has fallen sharply, further indicating signs of economic slowdown

According to a report by the UK manufacturer, the output at the end of 2024 showed the largest decline since the outbreak of the new crown epidemic in the UK, and they are more pessimistic about the prospects for the beginning of next year. This survey further indicates that the UK economy has lost momentum. The Confederation of British Industry stated that the monthly industrial trend survey released on Wednesday showed that the three-month output index as of December fell to -25, the lowest level since August 2020, lower than the -12 as of last month. Expectations for output in the next three months have dropped from +9 to -31, the lowest level since May 2020. Other surveys show that the confidence of UK employers has declined after UK Chancellor Rishi Sunak announced an increase in the social security contributions that companies must pay in the first budget on October 30.