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24/10/2001
UK export prospects deteriorate
Export prospects for UK manufacturers have deteriorated at their fastest rate for 21 years, the Confederation of British Industry has warned.
The news on Wednesday came from a survey taken by the CBI following the September 11 terrorist attacks on the United States.
The survey revealed that just six per cent of factories were predicting better export trade over the year ahead, compared with 59 per cent forecasting a gloomier outlook.
However the confederation warned that it was deeply worried that forecasts of corporate output, employment and investment levels were falling simultaneously across business.
Overall business confidence has also fallen to a three-year low, with executives ten times more likely to say they were pessimistic than optimistic.
However analysts believe the UK will escape recession thanks to the continuing British shopping boom which is defying previous gloomy predictions. (MB)
The news on Wednesday came from a survey taken by the CBI following the September 11 terrorist attacks on the United States.
The survey revealed that just six per cent of factories were predicting better export trade over the year ahead, compared with 59 per cent forecasting a gloomier outlook.
However the confederation warned that it was deeply worried that forecasts of corporate output, employment and investment levels were falling simultaneously across business.
Overall business confidence has also fallen to a three-year low, with executives ten times more likely to say they were pessimistic than optimistic.
However analysts believe the UK will escape recession thanks to the continuing British shopping boom which is defying previous gloomy predictions. (MB)
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