World News

UK factories’ mood hits lowest since records began in 1950s: CBI

LONDON, Reuters – The mood across British manufacturers has ebbed to its lowest since records began in the 1950s, according to another survey on Thursday that showed the coronavirus lockdown has lashed the economy.

The Confederation of British Industry’s quarterly gauge of business optimism fell to a record low -87 in April from +23 in January.

“Manufacturers have taken a sharp hit during the shutdown in response to COVID-19, with this survey revealing some record lows,” said Rain Newton-Smith, CBI economist.

“Given the uncertainty over how long the shutdown may have to last, it’s little surprise to see businesses putting investment plans on ice as they work hard to get through this intact.”

(Reporting by Andy Bruce, editing by Alistair Smout)